US Consumer Spending Weakens Again in June

Retail sales unexpectedly dropped for a second month in June, signaling consumers are providing only modest support for the U.S. economy, Commerce Department data showed Friday.

Highlights of Retail Sales

• Purchases dropped 0.2% (forecast was 0.1% gain) after falling 0.1% the prior month (previously reported as 0.3% drop)

• Sales minus car dealers and gas stations fell 0.1% after no change a month earlier

• Retail control-group sales, which are used to calculate GDP and exclude the categories of food services, auto dealers, building materials outlets and gasoline stations, decreased

0.1% after no change

• Sales fell in six of 13 major retail categories in June

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.