Shoppers paused their spending in June, wrestling with moderating inflation but still-high interest rates that have made buying anything on credit more expensive, according to the Associated Press.
Retail sales were unchanged in June from May, which was better than economists expected, after being revised at up 0.3% in May, according to the Commerce Department. Last month, April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.
Excluding gas prices and auto sales, retail sales rose 0.8%. Online sales rose 1.9%, while business at restaurants rose 0.3%. Clothing and accessories store sales rose 0.6%.
Government retail data isn’t adjusted for inflation, which declined 0.1% from May to June, according to the latest government report. High inflation helps to inflate retail sales figures.
