US retail sales stagnate in June

(Sharecast News) - Retail sales in the United States were unchanged in June, according to the Census Bureau, in line with economists' expectations. The advance estimate of total monthly sales was $704.3bn last month, more or less flat on May's revised total of $704.5bn, which was 0.3% higher than April.

However, compared with June 2023, sales were up 2.3%, slowing from the 2.6% annual growth seen in May.

Excluding motor vehicles and parts, which reduced 2% over the month, total retail sales increased by 0.4% in June, up from 0.1% growth the month before.

One notable point of weakness were gas station sales which dropped 3.0% from the month before.