US June Retail Sales Flat Month-on-Month... Exceed Market Expectations

On the 16th (local time), the U.S. Department of Commerce announced that U.S. retail sales in June amounted to $704.3 billion, remaining flat (0.0%) compared to the previous month.

This figure exceeded the Dow Jones consensus forecast of a 0.4% decline from the previous month. Compared to the same period last year, it rose by 2.3%.

May's retail sales were revised upward from a 0.1% increase month-over-month to a 0.3% increase.

The monthly retail sales indicator is a preliminary statistic that mainly aggregates sales performance of goods within total consumption, serving as a gauge of consumer changes, a core component of the U.S. economy.

The retail sales data exceeding expectations suggests that although retail sales are under pressure due to prolonged high interest rates, the cooling is not occurring as rapidly as the market had anticipated.

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