US retail sales rise in June against expectation
Figure up 0.6% from previous month; analysts estimated 0.4% decline
US retail sales increased in June despite the expectation of a decline, according to figures released Friday by the Census Bureau.
Retail sales came in at $621.3 billion, up 0.6% from the revised level of $617.9 billion in May. Analysts expected a 0.4% decline on a monthly level.
The annual increase was 18%, compared to June 2020.
"Clothing and clothing accessories stores were up 47.1% from June 2020, while food services and drinking places were up 40.% from last year," the agency said in a statement.
Despite the strong figures, rising inflation has become a problem in American economy.
Consumer prices rose 0.9% in June on a monthly basis and soared 5.4% on an annual basis. Producer prices were up 1% and 7.3%, respectively.Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.