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Seokphen
2021-07-16

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Gain in U.S. Retail Sales Underscores Solid, Steady Consumer

(Bloomberg) -- U.S. retail sales rose unexpectedly in June, reflecting fairly broad gains across spe

Gain in U.S. Retail Sales Underscores Solid, Steady Consumer

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jeffmum
·2021-07-17
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Excluding autos, sales jumped 1.3% in June.</p>\n<p>The June increase in overall sales topped all estimates in a Bloomberg survey of economists. The median projection called for a 0.3% decrease in June sales, and a 0.4% gain excluding autos.</p>\n<p>The value of retail sales has risen sharply this year, supported by government stimulus, elevated savings and vaccinations. Consumers are beginning to shift more of their purchases toward services. Combined with still-solid retail demand, economists forecast household spending expanded at a robust pace in the second quarter.</p>\n<p>Nine of 13 retail categories posted increases in June sales, including solid gains at electronics and appliance outlets, clothing stores and restaurants.</p>\n<p>Sales at motor vehicle and parts dealers fell 2% in June, likely in response to limited inventory as automakers face a supply chain crunch. A global semiconductor shortage has restrained vehicle production and pushed up prices.</p>\n<p>So-called control group sales, which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations, rose 1.1% in June after a sharp downward revision in May.</p>\n<p>The reopening of the economy, especially those businesses hit hardest by the absence of social activity during the pandemic, is helping bolster sales.</p>\n<p>PepsiCo Inc. reported its fastest sales growth in at least a decade, benefiting from consumers returning to restaurants, bars and stadiums. 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Excluding autos, sales jumped 1.3% in June.\nThe June increase in overall sales topped all estimates in a Bloomberg survey of economists. The median projection called for a 0.3% decrease in June sales, and a 0.4% gain excluding autos.\nThe value of retail sales has risen sharply this year, supported by government stimulus, elevated savings and vaccinations. Consumers are beginning to shift more of their purchases toward services. Combined with still-solid retail demand, economists forecast household spending expanded at a robust pace in the second quarter.\nNine of 13 retail categories posted increases in June sales, including solid gains at electronics and appliance outlets, clothing stores and restaurants.\nSales at motor vehicle and parts dealers fell 2% in June, likely in response to limited inventory as automakers face a supply chain crunch. 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