Retail Posts Solid Gains in June

Yesterday the U.S. Commerce Department said retail sales had increased 6.6 percent from a year ago and revised its May sales numbers higher, from a 0.8 percent rise to a 1.3 percent rise – the largest rise since September 2017.

Despite the revised growth numbers, core retail spending on automobiles, gasoline, building materials and food services remained the same in May. CNBC credits the sharp narrowing of the trade deficit in April and May for the high expectations of a strong GDP reading in the second quarter.

One sector that didn't fare as well was clothing: Sales at apparel stores fell 2.5 percent, representing the largest drop since last February. Online sales rose 1.3 percent after a 0.4 percent rise in May – the biggest gain since last November