Washington — US retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the hit on the economy from weak business investment.
Economists polled by Reuters had forecast retail sales edging up 0.1% in June. Compared with June 2018, retail sales advanced 3.4%. June’s strong gain in core retail sales, coming on the heels of solid increases in April and May, suggested a sharp acceleration in consumer spending in the second quarter.
The data probably will have little impact on market expectations that the Federal Reserve will cut interest rates in July for the first time in a decade. But signs of strong consumer spending and rising core inflation suggest the US central bank is unlikely to cut rates by 50 basis points at its July 30-31 policy meeting as markets had initially anticipated.
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