Consumers Hold Back as U.S. Retail Sales Miss Forecast


Shobhana Chandra
bloomberg.com
July 15, 2013

American consumers kept their buying in check for goods other than automobiles in June, exercising a measure of self-restraint that indicates the economy ended the second quarter on a weak note.

Sales (RSTAMOM) at retailers climbed 0.4 percent last month, short of the 0.8 percent gain that was the median estimate of 82 economists surveyed by Bloomberg, according to Commerce Department figures issued today in Washington. Excluding the biggest gain at auto and parts dealers in seven months, demand was little changed from May.
Enlarge image Retail Sales in U.S. Increased Less Than Forecast in June

The figures show households are replacing outdated vehicles and furnishing new homes and at the same time cutting back on non-essentials such as electronics and meals at restaurants. Economists at Morgan Stanley and Barclays Plc were among those trimming growth estimates for last quarter after the report.

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