U.S. retail sales likely to have grown in June

U.S. retail sales data for the month of June is set to release tomorrow. According to a TD Economics research report, retail sales are likely to have eased in June. The headline retail sales are expected to have grown 0.1 percent, mainly driven by the expected 0.3 percent sequentially rise in the key control group. Consumer fundamentals are expected to have stayed sound.

A strong rise in core sales is expected to have more than countered both a decline in sales at gasoline stations, which show a fall in gasoline prices in June, and a minor retreat in auto sales after a 0.6 percent rise in May.

“On net, retail sales should end the quarter with average annual growth at 3.2 percent, up from 2.8 percent in Q1”, added TD Economics.

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