US RETAIL sales grew by 0.4 per cent in June, according to new data released by the US Department of Commerce today.
However, the results fell short of many analysts’ forecasts of 0.8 per cent growth for the month.
The data follows weak trade and manufacturing data and suggest that US recovery may be slower than expected.
“Looking ahead, the latest pick-up in jobs and earnings growth bode well for consumption in the third quarter,” said Paul Dales, senior US economist, Capital Economics.
“But it is disconcerting that retail sales growth lost more momentum as the second quarter progressed.”