Retail sales rise more than expected, keeping pressure on the Fed

Retail sales rose 1% in June, more than expected, reversing a decline from the previous month, the Commerce Department reported Friday.

The June rise followed a 0.1% decline in May, which was revised up from a 0.3% decline, a decline that, when first published, surprised economists looking for whether consumers felt the pinch of rising inflation and interest rates. and reduce expenses.

Retail sales data does not take price increases into account, so the jump in many categories reflects consumers paying more for the same amount of goods and services. Spending at gas stations increased by 3.6% in June, when Americans were in a lot of pain at the pumps. Excluding gasoline, retail sales rose 0.7% in June, which was also above economists’ expectations.

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