U.S. retail sales unexpectedly rebound in boost to economic growth
The Hindu
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the seco
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the secondquarter. The rebound in sales reported by the Commerce Department on Friday was despite purchases of motor vehicles declining again because of a lack of supply caused by a global semiconductorshortage. The scarcity of new motor vehicles is boosting demand for used cars and trucks, helping to fuel inflation. Vaccinations against COVID-19, low interest rates and massive fiscal stimulus are underpinning retail sales.
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