US June Retail Sales +0.1%, Auto Sales Rebound; Gas Sls Down
By Yali N'Diaye
WASHINGTON (MNI) - The U.S. June retail sales report came in slightly better than analysts had expected, as auto sales rebounded while industry indications had pointed to a further decline.
This was partly offset by a decline in sales at gasoline stations in line with lower gasoline prices over the month.
June retail sales rose 0.1%, following a 0.1% decline in May that was revised up from -0.2%. Over the second quarter, sales rose 1.1%.
Excluding motor vehicles and parts, sales were unchanged in June, while they were up 0.2% without including auto or gasoline sales, rising at the same pace as in May.
Retail sales were up 8.1% year-over-year, and were up 7.9% excluding autos.
Motor vehicle and parts sales rebounded 0.8% in June, contrary to indications from the auto industry which reported auto sales fell to an annual selling rate of 8.6 million on the month. Disruptions in the supply chain in relation to the Japanese earthquake earlier this year had also been expected to continue to weigh on auto sales.
More in line with expectations, sales at gasoline stations fell 1.3% in June, when the average retail price of gasoline fell.
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