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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