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Consumer Spending on Retail Increased in June

Consumer Spending on Retail Increased in June

The U.S. Department of Commerce announced that consumer spending on retail sales, which includes spending at stores, websites and restaurants, rose 0.5 percent in June from May’s figure, The Wall Street Journal reports.

Consumer spending, contributes more than two-thirds to the total U.S. economic output, the Journal reports.

Increased vehicle sales and high gas prices helped bolster Americans’ spending in June.

Department stores face fierce online competition and spending at these retail locations dipped 1.8 percent, making it the largest decline in more than two years, the article says.

Consumer spending has been on an upward trend in recent months, the Journal reports. Retail sales in the second quarter of 2018 grew nearly 6 percent from the second quarter of 2017. The article cites recent tax cuts and June’s 4 percent unemployment rate as two reasons why consumers are spending more this summer.

About Todd Taber

Todd Taber
Todd is an assistant editor for Hardware Retailing magazine. He graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017 and now serves on the news and marketing teams. In his free time, he likes to run, spend time with family and travel the country.