Retail sales rise less than expected in June as spending cools

foxbusiness.com:

The National Retail Federation estimates retailers lost $100 billion last year to theft.

Americans pulled back on spending at retail stores in June, even as inflation showed welcome signs of slowing down. 

Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose just 0.2% in June, the Commerce Department said Tuesday. That is below both the 0.5% increase projected by Refinitiv economists and the 0.5% gain recorded in May.

Excluding the more volatile measurements of gasoline and autos, sales climbed 0.3% last month.

The figures are not adjusted for inflation. 

SILVER LINING OF HIGHER INTEREST RATES: SAVINGS ACCOUNT RATES

A pedestrian carries Nespresso shopping bags in San Francisco on Dec. 21, 2022. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

«While positive, the numbers were weaker than expected and show growing consumer caution,» said Robert Frick, corporate economist at Navy Federal Credit Union. «Overall, Americans have the money to spend with more jobs, higher wages and lower inflation. But given slowing spending and higher savings, they’re choosing to be prudent, perhaps because a majority see unemployment rising later this year.»

JUNE INFLATION BREAKDOWN: WHERE ARE PRICES RISING AND FALLING THE FASTEST?

Consumers spent more on items like cars, furniture and electronics and appliance stores. They also continued to open their wallets when online shopping, with spending at non-store retailers jumping 1.9% from the previous month. 

Sales rose in seven of 13 retail categories last month.

At the same time, Americans pulled back on spending in areas like grocery stores, garden and home improvement outlets, specialty hobby