US retail sales below forecast

Retail sales rose 0.2 percent in June, according to data from the U.S. Department of Commerce. The median estimate of economists surveyed by Bloomberg was 0.3 percent.

May data was revised from 0.3 percent to 0.5 percent. Excluding automobiles, gasoline, construction materials and food, known as core retail sales, sales doubled last month to 0.6 percent.

Excluding automobiles, sales also increased by 0.2 percent, while an expected 0.3 percent increase was expected.

Despite the Fed’s 500 basis point rate hike since March 2022, spending remains strong.

Although many economists expect a decrease in consumer spending in the second half of the year, consumption remains strong. JPMorgan CEO Jamie Dimon said in his statement on July 14, when the bank’s balance sheet was released, that consumers were doing well and continued to spend.

According to the announced data, 7 out of 13 retail categories increased.