U.S. Retail Sales Spike More Than Expected In June
Reflecting the reopening of businesses following the coronavirus-induced lockdowns, the Commerce Department released a report on Thursday showing another substantial increase in U.S. retail sales in the month of June.
The report said retail sales soared by 7.5 percent in June after skyrocketing by an upwardly revised 18.2 percent in May.
Economists had expected retail sales to jump by 5.0 percent compared to the 17.7 percent spike originally reported for the previous month.
Excluding sales by motor vehicles and parts dealers, retail sales still shot up by 7.3 percent in May after soaring by 12.1 percent in May. Ex-auto sales were also expected to surge up by 5.0 percent.