Retail sales jumped in June, with $621.3 billion spent by Americans – offering a significant boost to the economic post-pandemic recovery. Month-over-month sales rose 0.6%, according to the US Census Bureau. This is up from their original estimate. Year-over-year sales advanced 18% compared to June of last year.
Over the last few months, retail sales have experienced record highs, fueled by pent-up consumer demand from the pandemic. June figures show that retail is still on a rebound, and Americans are spending more now than ever before. High spending totals has reached its highest level in over 13 years.
As time passes, Americans are going to continue to go out in the world more and more. Spending at clothing stores increased 2.6% over the month to a total of $25.8 billion, and restaurants and bars rose 2.3%.
Source: Retail Stores June – Business Insider, June Retail Sales – WSJ, US Retail Sales – Reuters
Photo Credit: June Retail Sales – WSJ