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US retail sales up again in June US retail sales up again in June
(30 minutes later)
US retail sales rose in June for the second consecutive month, increasing 0.6%, the Commerce Department said.US retail sales rose in June for the second consecutive month, increasing 0.6%, the Commerce Department said.
The increase followed May's 0.5% gain, and was better than analyst expectations of a 0.4% rise.The increase followed May's 0.5% gain, and was better than analyst expectations of a 0.4% rise.
It comes as data continues to paint a contrasting picture as to whether the US recession is easing. The increase in retail sales was led by petrol, cars and auto parts. When these were excluded, sales dropped 0.2%, their fourth straight decline.
While a recent survey said consumer confidence also rose last month, US unemployment increased more than analysts had expected in June. Separate figures from the Labor Department showed that US wholesale prices increased in June.
The increase in retail sales was led by petrol, cars and auto parts. Its Producer Price Index (PPI) rose by 1.8%. Excluding food and energy bills, core wholesale prices were 0.5% higher.
When these were excluded, sales dropped 0.2%, their fourth straight decline. Petrol sales rose 5% last month, while car and auto parts sales added 2.3%.
Separate figures from the Labor Department also showed that wholesale prices rose in June, with the Producer Price Index (PPI) increasing by 1.8%. Excluding food and energy bills, core wholesale prices were 0.5% higher. 'Mixed picture'
"The headline figures for retail sales are clearly better than expected," said analyst Omer Esiner of Travelex Global Business Payments. "Retail sales looked mixed, the auto sector had a huge month, but it is bouncing off the floor," said analyst Bret Barker of Metropolitan West Asset Management.
"However, it looks like a large portion of that was driven by higher gasoline sales. I think the same is true for the PPI." Reports and surveys are continuing to paint a contrasting picture as to whether the US recession is easing.
While a recent study said consumer confidence rose last month to a 16-month high, official figures also released this month showed that US unemployment increased more than analysts had expected in June.
US Treasury Secretary Timothy Geithner said on Tuesday that there were now growing signs that the US and global economies were starting to recover.