US retail sales in June increased by 0.2% month on month, lo

Washington, July 16 (Xinhua) -- The US Department of Commerce released data on the 16th local time, showing that retail sales in June increased by 0.2% month on month, lower than market expectations.

 

Data shows that retail sales in the United States increased by 6.7% year-on-year and 0.2% month on month in June, slowing down from the 1% month on month growth rate in May. Excluding gas station sales, sales in June increased by 0.7% month on month.

 

Specifically, sales of automobiles and parts increased by 1.9% month on month; Sales of electronic products and home appliances increased by 0.8% month on month; Sales of sports equipment, musical instruments, and books increased by 1.3% month on month; Sales of building materials products increased by 0.1% month on month; Online sales increased by 1.9% month on month; Food and beverage sales increased by 0.1% month on month; The sales revenue of gas stations decreased significantly by 5.3% compared to the previous period; Sales of clothing products decreased by 0.3% month on month; Sales of health and wellness products decreased by 0.8%.

 

According to US media analysis, the main reason for the slowdown in retail sales growth in June is the significant drop in gas station sales caused by the decrease in oil prices. After excluding gas station sales, the growth rate of 0.7% shows that American consumers still demonstrate resilience in the face of future economic uncertainty, and are still purchasing large items such as cars and home appliances. In addition, the Amazon Prime Day promotion from June 23rd to 26th boosted online sales growth in June; The FIFA World Cup has boosted sales of sports equipment.

 

According to data from the American Automobile Association (AAA) on the 16th, the average price of regular gasoline in the United States is $3.94 per gallon, down from $4.04 a month ago. (End)