U.S. retail sales rose 1% in June, from a revised decline of 0.1 % in May, the Commerce Department said.
FILE - A customer checks price tags while shopping at a retail store in Schaumburg, Ill., Thursday, June 30, 2022. Consumers picked up their spending in June from May despite surging prices in gas and food. U.S. retail sales rose 1% last month, from a revised decline of 0.1 % in May, the Commerce Department said Friday, July 15, 2022. and allaying fears that the economy might be on the verge of a recession.
At the same time, last month's spending gain is modest enough that it likely won't encourage the Federal Reserve to raise interest rates even more aggressively.“People did not fold in the face of the Ukraine shock and the subsequent surge in food and energy prices,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “Instead, they ran down a small part of their pandemic savings in order to keep up their discretionary spending.
The solid figures bold well for the back-to-school shopping season, the second largest sales period behind the winter holidays. Mastercard SpendingPulse, which tracks spending across all payment forms including cash, forecasts that back-to-school spending will be up 7.5% from July 14 through Sept. 5 compared with the year-ago period when sales rose 11%.
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