Home US: June retail sales expected to show a 0.2% gain – Wells Fargo
FXStreet News

US: June retail sales expected to show a 0.2% gain – Wells Fargo

On Tuesday, US retail sales estimates for June will be released. According to analysts at Wells Fargo, the data which will provide them with a complete look at how sales fared over the second quarter.

Key Quotes:  

“We have recently nudged our Q2 personal consumption expenditures (PCE) forecast higher to 3.4% from 2.9% previously, as spending is already on solid footing for the period. Indeed, following two solid monthly gains, retail sales rose 0.5% in May. This pushed control group sales””which exclude volatile components and are a good proxy for consumer spending””up 8.5% on a three-month annualized rate. This is the fastest pace since 2006 and suggests PCE growth is tracking well north of 3% in the second quarter.”

“Higher frequency data, such as the Redbook Index for same store sales”” which covers a sample of U.S. retailers””suggest sales remained solid in June. But given a more recent wilting of confidence, we expect retail sales rose a more modest 0.2% last month.”  

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.