Americans spent more last month on clothing, electronics and dining out as the economy opened up and there were fewer pandemic-related restrictions.
U.S. retail sales rose a seasonal adjusted 0.6% in June from the month before, the U.S. Commerce Department said Friday. The increase was a surprise to Wall Street analysts, who had expected sales to fall slightly last month.
Retail sales growth has slowed since March, when stimulus checks sent to most Americans helped boost spending. And as Americans get vaccinated, they have spent less on goods and more on hotels, haircuts and other services, which are not included in Friday's report.
The increase last month could be due to higher prices, said Paul Ashworth, chief U.S. economist for consulting firm Capital Economics.
Americans are paying more for food, gas and other goods, with prices jumping last month by the most in 13 years.
Sales at bars and restaurants rose 2.3%, according to Friday's report. Clothing store sales rose by 2.6%, and sales at electronic shops were up 3.3%.
Ryan Hamburger, Chief Commercial Officer at Instacart, explains how Clementine uses AI to personalize grocery shopping, build carts, find deals, and save time.
Ari Hawkins, Trade Reporter at POLITICO, examines Canada’s retaliation, Trump’s latest trade threats and the potential impact on businesses and consumers.
Dan Mohnshine, Hershey’s VP of Creation Strategy & Innovation, discusses the brand’s premium chocolate push and strategy to connect with younger consumers.
BBTW editor Peter Green spoke with Beyond Investing co-founder Claire Smith about how her ETF has consistently outperformed the S&P 500, by as much as 30%.
