|
The
Commerce Department said on Tuesday retail sales slipped 0.3
percent last month, the weakest reading since February. May's
retail sales were revised down to show them rising 1.0 percent
instead of the previously reported 1.2 percent jump.
Economists polled by Reuters had forecast retail sales rising
0.2 percent last month.
Retail sales excluding automobiles, gasoline, building materials
and food services dipped 0.1 percent after an unrevised 0.7
percent increase in May.
These so-called core retail sales correspond most closely with
the consumer spending component of gross domestic product.
Coming on the heels of June's disappointing employment report
and sharp drop in small business confidence, the weak retail
sales data suggests the economy might have lost some momentum at
the end of the second quarter, having struggled at the start of
the year.
The soft data could cast doubts on a possible September interest
rate hike from the Federal Reserve.
Economists had forecast core retail sales rising 0.4 percent.
Sales last month were broadly weak, with receipts at auto
dealerships falling 1.1 percent after rising 1.8 percent in May.
Clothing stores sales dropped 1.5 percent, the largest decline
since September 2014. Receipts at building material and garden
equipment stores
fell 1.3 percent and sales at furniture stores declined 1.6
percent, the biggest drop since January last year.
There were also declines in sales at online stores and at
restaurants and bars. Rising gasoline prices supported sales at
service stations, where receipts rose 0.8 percent.
Sales at electronics and appliance stores rose 1.0 percent, the
biggest rise since September.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
