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%.
The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future.
Ahead of the WNBA season and in the midst of March Madness, New York Liberty CEO Keia Clarke discusses the team’s new deal with Barclays and bringing even more attention to women’s sports.
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
