U.S. retail sales unexpectedly increased in June as consumers have started to spend on goods again after the early days of the reopening diverted most of their cash to dining and entertainment
"Consumers are flush with cash and their credit card utilization rates and debt burdens have dropped," said Scott Hoyt, senior economist at Moody's Analytics in West Chester, Pennsylvania. "Lack of available cash or credit to spend is as small a restraint on spending as it ever is. Combined with massive forced saving, wealth is likely higher than it would have been without the pandemic.
Stocks on Wall Street were trading lower. The dollar gained versus a basket of currencies. U.S. Treasury yields rose.Receipts at auto dealerships fell 2.0% after declining 4.6% in May. But sales at clothing stores increased 2.6%, likely as people venturing outside their homes spruced up their wardrobes. Sales at services stations also rose, reflecting increased mobility and higher gasoline prices.
But receipts at furniture stores fell 3.6%. Sales at sporting goods, hobby, musical instrument and book stores dropped 1.7%. Sales at building material stores fell 1.6%.
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