Retail Spending Jumps Again in June: Census Bureau
U.S. consumer spending increased by 6.6% year over year to $56.8 billion in June and up by 0.5% month over month from an upwardly revised May total of $504.3 billion. The U.S. Census Bureau released its estimated retail sales data for May on Monday morning. A poll of economists had forecast that retail sales would rise 0.6% compared with sales in May.
With the single exception of sales of sporting goods, hobby, musical instrument and book stores, sales increased month over month in every business category. The revised May month-over-month increase totaled 1.3% over April sales, sharply higher than the previous estimate of a gain of 0.8%.
Sales of motor vehicles rose 0.9% month over month from May and rose 4.6% compared with June 2017. Car sales totaled $96.34 billion last month on an adjusted basis, up from $95.4 billion in May and up from $91.9 billion in June 2017.
Total retail sales for the six-month period between January and June rose 5.5% compared with year-ago totals.
Retail trade sales rose 0.3% month over month and jumped 6.4% year over year. Nonstore retail sales rose 10.2% year over year. Month over month, nonstore retail sales rose 1.3%.
Gasoline station sales rose 1% month over month and are up 21.6% year over year. The increase is due largely to higher pump prices. Unadjusted gas sales totaled were about $8 billion in June than in the same month last year and accounted for nearly 17% of total year-over-year spending growth.
Electronics stores posted a sales decrease of 0.4% month over month and a year-over-year increase of 2.1% in sales.
Department stores posted a month-over-month sales decrease of 1.8% and were flat year over year.
Sales of building materials and garden supplies rose 0.8% month over month and were 6.2% higher year over year.
Food services and bar sales increased by 1.5% month over month and are up 10.2% year over year.
Clothing stores posted a month-over-month drop of 2.5%, and have added 4% year to date compared to June 2017.
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