Another Disappointing Retail Sales Number at Quarter-End

78026699June turned out to not be a great month for retail sales. The Census Bureau reported that advance monthly sales for retail and food services rose by only 0.2% to $439.9 billion on a seasonally adjusted basis. Bloomberg was calling for a gain of 0.6%.

If you back out auto sales, retail sales in June were up by 0.4%. That is slightly better than the headline data, but unfortunately it is also short of the 0.6% consensus estimate offered up by Bloomberg.

While the number looks small on a month-over-month report, the report did signal that the gain was 4.3% above June 2013 retail sales, with a plus or minus 0.9% range.

The Census Bureau said:

Total sales for the April through June 2014 period were up 4.5 percent (±0.7) from the same period a year ago. The April to May 2014 percent change was revised from +0.3 percent (±0.5) to +0.5 percent (±0.2). Retail trade sales were up 0.3 percent (±0.5) from May 2014, and 4.1 percent (±0.9) above last year. Nonstore retailers were up 8.1 percent (±2.3) from June 2013 and health and personal care stores were up 7.9 percent (±1.9) from last year.

ALSO READ: The 4 States Killing Walmart

Keep in mind that consumer spending makes up close to 70% of the GDP report, and this puts the numbers lower for the second quarter. It is possible that this weak retail sales report is enough to marginally send GDP forecasts a tad lower for the second quarter. An infographic from the Census has been provided below.

Retail Sales June

Filed under: Economy
Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.