WASHINGTON (AP) -- The economy likely benefited from higher retail sales in June, boosted by solid gains in auto purchases.
Economists predict that retail sales rose 0.7 percent last month compared with May, according to a survey by FactSet. The report will be released at 8:30 a.m. EDT Monday.
In May, retail sales rose 0.6 percent as Americans stepped up their purchases of cars, home improvement products and sport goods.
Spending at retailers has helped drive job growth this year and has shown that consumers remain resilient despite higher taxes. The retail sales report is closely watched because it's the government's first report each month on the health of consumer spending, which accounts for 70 percent of economic activity.
Some of the nation's biggest retailers reported that sales rose in June. That's viewed as a sign that Americans will likely continue to spend during the key back-to-school shopping season. Some retail chains reported their strongest sales gains since January as shoppers, encouraged by warm weather and an improving job market, took advantage of summer discounts.
Revenue at stores opened at least a year rose 4.1 percent in June compared with the same month a year ago, according to a preliminary tally of 13 retailers by the International Council of Shopping Centers.
June is typically when stores clear out summer merchandise to make room for fall goods. Brisk sales mean that stores probably won't be stuck with piles of summer clothes that need to be cleared as back-to-school sales kick off in late July.
The nation's automakers also reported strong sales in June, capping a solid first half of the year. Sales totaled 7.8 million from January through June, the best first half since 2007. And the outlook for the rest of 2013 is just as strong. Wider credit availability and hot-selling new vehicles are helping to boost sales. Demand for big pickups has been a key factor in higher sales.
Retail stores are benefiting from more hiring, which gives more people money to spend. Employers added 195,000 jobs in June. Job gains have averaged 202,000 for the past six months, up from 180,000 for the previous six months.
Overall economic growth isn't strong as the job market would suggest. The economy grew at a weak annual rate of 1.8 percent in the January-March quarter. Many analysts think growth may have slowed to around a 1 percent annual rate or even less in the April-June quarter.
But analysts expect a modest rebound in the second half of the year. The economy is expected to grow at a roughly 2.5 percent annual rate as the effects of federal tax hikes and government spending cuts begin to fade.
Source: http://news.yahoo.com/ahead-bell-us-retail-sales-105023580.html
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