Retail Sales Jump More than Expected in June
July 16, 2020
Retail sales got a bigger-than-expected boost in June, but persistent high unemployment and concerns about the spike in new coronavirus cases have more retailers concerned.
The Commerce Departement said that retail sales were up 7.5% for the month, following May’s record-breaking 18.2%. Economists had expected a 5% increase.
Retail sales totaled $524.3 billion for the month, nearing pre-pandemic levels.
Economists are concerned that leading data such as tracking of credit and debit card charges moderated at the end of June and July could see a flattening or possibly even a contraction in retail sales.