US retail sales rise 1% to $680B in June

Gasoline station sales up 49.1% on annual basis, according to Commerce Department data

By Ovunc Kutlu

ANKARA (AA) - US retail sales increased 1% in June, more than market expectation, according to Commerce Department figures released on Friday.

Retail sales in the US rose to $680.6 billion last month. The market expectation was a gain of 0.8%.

The figure in May was revised up to $673.9 billion, from $672.9 billion, for a monthly decline of 0.1%.

On an annual basis, retail sales surged 8.4% in June.

“Gasoline stations were up 49.1% from June 2021, while food services and drinking places were up 13.4% from last year,” the Commerce Department said in a statement.

The rise in retail sales shows that consumer demand remains high in the world’s largest economy despite record-high inflation.

Annual consumer inflation in the US soared to 9.1% in June, still hovering around its highest level in more than 40 years.

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