US retail sales down on month, up on year

According to the preliminary data from the US Commerce Department, overall retail sales in the US were up on a yearly basis while it was down on a monthly basis

The data showed that, the country’s retail sales registered a slight decrease for the second consecutive months in June by 0.2% on a monthly basis from a revised fall of 0.1% in May and fell behind the economists’ expectation of rise of 0.1%. This monthly decrease was mainly driven by a decrease in sales in gasoline stations by 1.3%, in sales of sporting goods, hobby, books and music stores by 0.6% as well as of food and beverage sales by 0.6%.

On a yearly basis, however, the retail sales were up by 2.8% in June due to the increases in non-store sales by 9.2%, building materials by 5.1% as well as motor vehicles and parts by 4.7%.