The Commerce Department reported Friday that consumer spending held steady during the inflation surge.
US Retail Sales- Inflation Surge
US Retail Sales- Slightly More
Retail sales rose slightly more than anticipated for June amid rising prices in most categories.
Advance retail sales rose 1% in May, which was better than the Dow Jones estimate that there would be a 0.9% increase.
US Retail Sales- Dow Jones Estimates
This was a significant increase from the 0.1% decrease in May. The initial report had predicted a 0.3% decline.
US Retail Sales- Significant Increase
The retail numbers are not adjusted for inflation (which rose 1.3% in the month), which is a departure.
US Retail Sales- Adjusted Inflation
The increase was driven by rising fuel and food costs, but the data is still broad-based compared to the other metrics.
US Retail Sales- Rising Prices
Andrew Hunter, senior U.S. economist, wrote that the 1.0% month-over-month increase in retail sales.
US Retail Sales- US Economist
Real consumption appears to have been broadly flat in June, even if we account for the price rise.
US Retail Sales- Broadly Flat
Amazon Prime Day saw a huge discount on the entire Kindle line, and Fire tablets were also heavily discounted.
Amazon Prime Day Sale 2022 has Just Rocked