Advance retail sales were up only 0.2% in June, less than had been expected. But excluding auto and gas, sales rose 0.3%, which is right about what analysts anticipated. Retail sales are not adjusted for price differences, and the auto and gas drop was due in part to a 1.4% decrease in sales at gas stations.
A subset of overall retail sales that’s referred to as the “control group” and feeds into Gross Domestic Product calculations increased 0.6%, surpassing expectations.
Surprise drop in manufacturing output in June
The manufacturing component of industrial production dropped 0.3% in June. The other two components of industrial production, mining and utilities, were down 0.2% and 2.6%, respectively, causing the entire index to fall 0.5%.
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