Investing.com - Retail sales in the U.S. fell for the third straight month in June, the first three month consecutive drop since 2008, official data showed on Monday.
Core retail sales declined for the first second consecutive month, adding to concerns the U.S. economic recovery is faltering.
In a report, the U.S. Census Bureau said that retail sales fell by a seasonally adjusted 0.5% in June, confounding expectations for a 0.2% increase.
Retail sales in May fell by an unrevised 0.2%.
Year-on-year, retail sales rose at an annualized rate of 3.8% in June, after advancing at a rate of 5.1% in the previous month.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, fell by 0.4% last month. Analysts had expected core retail sales to increase 0.1% last month, after falling by 0.4% in May.
On an annualized rate, core retail sales rose 3.0% last month, after rising 4.1% in May.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.33% to trade at 1.2208.
Meanwhile, U.S. stock future indices remained mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.3% at the open, S&P 500 futures pointed to a drop of 0.3%, while the Nasdaq 100 futures pointed to a decline of 0.2%.
Core retail sales declined for the first second consecutive month, adding to concerns the U.S. economic recovery is faltering.
In a report, the U.S. Census Bureau said that retail sales fell by a seasonally adjusted 0.5% in June, confounding expectations for a 0.2% increase.
Retail sales in May fell by an unrevised 0.2%.
Year-on-year, retail sales rose at an annualized rate of 3.8% in June, after advancing at a rate of 5.1% in the previous month.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, fell by 0.4% last month. Analysts had expected core retail sales to increase 0.1% last month, after falling by 0.4% in May.
On an annualized rate, core retail sales rose 3.0% last month, after rising 4.1% in May.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.33% to trade at 1.2208.
Meanwhile, U.S. stock future indices remained mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.3% at the open, S&P 500 futures pointed to a drop of 0.3%, while the Nasdaq 100 futures pointed to a decline of 0.2%.