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US retail sales miss estimates in June

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/07/2015 (16:47)
According to data released by the US Commerce Department, the country’s retail sales missed economists’ expectations in June. Retail sales declined 0.3% on the month to a seasonally adjusted $442 billion in June. Economists’ initial forecast called for a gain of 0.2% in a survey by the Wall Street Journal. The department also revised May’s figure down to show a rise of 1% after an initially reported increase of 1.2%.

The data showed that apart from sales at electronic stores and gas stations, almost all segments reported lower retail sales in June. Retail sales at gas stations rose 0.8% while sales at electronic stores posted the biggest increase since last September, rising by 1% in June. The data also revealed that retail sales at restaurants and bars declined 0.2%, the most since January 2014, while sales at building materials and garden supplies stores fell 1.6% in June, which was also the largest decline since January 2014.

On a yearly basis, however, US retail sales posted an increase of 1.4% in June compared with the same month of 2014.
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