Retail sales come in better than expected in June
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Retail sales in June were flat, defying Wall Street's prediction of a decline. Economists had expected a 0.3% decline in spending. However, retail sales in May were revised higher to an increase of 0.3%. June sales, excluding auto and gas, increased by 0.8%, above consensus estimates for a 0.2% increase. The control group, which factors into the Gross Domestic Product reading for the quarter, increased 0.9% in June, above estimates for a 0.2% increase. Nonstore retailers led the gains, rising 1.9%, while gasoline stations saw a 3% decline and motor vehicle and parts dealers saw a 2% decline. The update on consumer spending comes amid a cooling but still growing US economy. The latest data, combined with better-than-expected readings on inflation, have prompted markets to widely expect the Fed's first interest rate cut by the end of its September meeting. Federal Reserve chair Jerome Powell declined to specify when the Fed may start its easing cycle.

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https://finance.yahoo.com/news/retail-sales-come-in-better-than-expected-in-june-123446812.html