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US Retail Sales Post Another Jump in June, After Surging in May
The US retail sales report for June was released a while ago. Sales posted some major declines during the lock-down months, but in May we saw a jump in retail sales, as the country reopened. Today’s report is showing another jump for June, beating expectations of 5%, for both core and headline sales.
June 2020 US Retail Sales Report:
- June advance retail sales +7.5% vs +5.0% expected
- Prior was +17.7% (revised to +18.2%)
- Ex autos and gas +6.7% vs +5.0% expected
- Prior ex autos and gas +12.4% (revised to +12.1)
- Ex autos +7.3% vs +5.0% expected
- Control group +5.6% vs +4.0% expected
- Prior control group +11.0% (revised to +10.1%)
- Sales YoY +1.1% vs -6.08% prior
This is a good looking report, despite the small revision lower in the prior data in the control group. The year-over-year numbers tell you a lot more about the US economy right now than the m/m data. Overall sales are higher y/y and up 2.9% excluding gasoline. But within the numbers there are huge shifts.
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