WASHINGTON - Retail sales dropped a greater-than-expected 0.5% in June, marking the first two consecutive months of decline in the indicator since early last year, the Commerce Department reported this morning.
However, retail sales excluding autos dipped just 0.1%.
Economists polled by Thomson Reuters expected total retail sales to decrease by 0.2% and for flat sales excluding autos, according to the median estimate.
The headline June 0.5% decrease followed a revised 1.1% decline in May that was originally reported as a 1.2% drop, while the 0.1% ex-autos dip followed a 1.2% decrease originally reported as a 1.1% decline.
Motor vehicle and parts sales fell 2.3% in June, down from a 6.8% rise the previous month, while electronics and appliance stores’ sales rose 1.3%, furniture stores’ sales fell 1.1%, and building material and garden supplies sales declined 1.0%. Gasoline stations’ sales fell 2.0%.
