June Retail Sales Exceed Expectations

U.S. factory output and retail sales exceeded expectations in June, according to Bloomberg, which reports this “underscored steady economic growth even as Federal Reserve officials signal they’re prepared to reduce interest rates.”

Retail purchase value rose 0.4 percent for a second month in a row, more than the 0.2 percent projected by a Bloomberg survey of economists.

A control group of retailers which excludes car dealerships, food service, building-materials stores and gas stations, also saw sales rise 0.7 percent.

Bloomberg reports Michael Gapen, Chief U.S. Economist at Barclays Plc., stated, “The retail sales data today gives you comfort that the domestic economy is in good shape and the consumer is in a good spot.”