US retail sales cool in June as jobless claims fall
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The news: US monthly retail sales rose 0.2% in June, while initial unemployment claims fell to 208,000 last week.
The numbers: Retail and food services sales rose 0.2% from May and 6.7% from a year earlier, according to advance estimates from the US Census Bureau. Sales in the second quarter were 6.4% higher than a year earlier.
In a separate release, the US Labor Department said initial jobless claims fell 3.7% to 208,000 in the latest week. The four-week moving average was 214,250.
Economists surveyed by Bloomberg had expected claims to rise to 217,000.
The context: A 5.3% fall in spending at petrol stations weighed on the headline retail figure. Excluding petrol sales, spending rose 0.7%. The figures are not adjusted for inflation.
Bloomberg reported the data showed resilient consumer spending, with lower fuel prices giving households more room for discretionary purchases.
The lower-than-expected jobless claims figure also suggests employers are continuing to hold on to workers.
The sources: Department of Labour Statistics, Census Bureau , Bloomberg
