Economic Buzz: US retail sales rebound in June

Retail sales in the U.S. rebounded by much more than expected in the month of June, according to a report released by the Commerce Department on Thursday.

The Commerce Department said retail sales climbed by 0.6 percent in June after slumping by 0.9 percent in May.

The stronger than expected retail sales growth partly reflected a notable rebound in sales by motor vehicle and parts dealers, which jumped by 1.2 percent in June after plunging by 3.8 percent in May.

However, excluding sales by motor vehicle and parts dealers, retail sales still rose by 0.5 percent in June after edging down by 0.2 percent in May. Ex-auto sales were expected to rise by 0.3 percent.

Sales by miscellaneous store retailers helped lead the way higher, surging by 1.8 percent, while sales by clothing and accessories stores and building material and garden equipment and supplies dealers also saw notable growth.

Meanwhile, sales by department stores slid by 0.8 percent, and sales by electronics and appliance stores and furniture and home furnishings stores edged lower.

Core retail sales, which exclude automobiles, gasoline, building materials and food services, climbed by 0.5 percent in June after rising by 0.2 percent in May.

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