Widget Image
Follow PPD Social Media
Follow Us:
People's Pundit Locals Community
Tuesday, June 6, 2023
HomeNewsEconomyU.S. Retail Sales Post Solid Gains Fueled By Auto Component

U.S. Retail Sales Post Solid Gains Fueled By Auto Component


A retail sales shopper in the U.S. (Photo: Reuters)

The Commerce Department reported Friday retail sales posted a solid increase of 0.6% last month, but still missed expectations for a rise of 0.7%. Retail sales were up 4.1% from a year ago in December 2015 and gained 3.3% during 2016. That’s up from 2.3% in 2015.

Excluding the volatile auto component, gasoline, food services and building materials–also referred to as core retails sales–and the increase was just 0.2% after being flat in the month of November. Economists expected a 0.5% gain on the gauge that most closely corresponds with the consumer spending component of gross domestic product (GDP).

Receipts at clothing stores were flat during what should be a busy holiday season and receipts at restaurants and bars fell 0.8%. Department store giants like Macy’s and Kohl’s both reported declines in holiday sales last week. They, along with the entire sector, have struggled to beat back the competition from online shopping stores, such as Amazon.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial