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Despite falling short of economists' expectations, June's retail sales rose by 0.2%, signalling a slowing yet steady consumer demand amid inflation worries.
Despite expectations of a 0.5% increase, June saw a modest 0.2% rise in retail sales, attributed to amplified spending on e-commerce platforms, home furniture, and electronics. Compared to the previous year, retail sales have grown by 1.5%. Notably, online retailers experienced a 1.9% increase in spending, whereas department stores, gas stations, and food and beverage stores saw a decrease.
Although this data indicates a softening in consumer demand, it does not predict a severe downturn. Policymakers view this slowing demand as beneficial in controlling inflation without causing a recession.
Source: Axios
Todays retail sales numbers will suggest a much softer read on consumption than the reality.
— Bob Elliott (@BobEUnlimited) July 18, 2023
Nominal demand for goods (which retail sales covers) has been largely flat for over a year while demand for the 2x larger service sector has continued on: pic.twitter.com/8ywfW0icki
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