Wall Street's projections for retail sales in the United States in June were not met. Despite this, they demonstrated growth, which is a testament to the resilience of the American economy.
Retail sales growth of 0.2% month-over-month fell short of the 0.5% increase projected by Wall Street. Economists from Bloomberg estimated a 0.3% increase in sales excluding automobiles and gasoline. The previous estimate for May was increased upwards from 0.3% to 0.5%.
The Commerce Department has released a report summarizing consumer spending, which has been stronger than predicted and has fueled speculation that the Federal Reserve may be able to complete its rate hike campaign without triggering a recession. Retail sales increased in June, while consumer price increases were the lowest they've been in two years.
Consumers continue to show resiliency in the face of threats to their spending habits, such as the predicted end of the student loan moratorium and a tightening of loan conditions.
During the second-quarter financial results calls, executives of banks who manage the nation's large consumer accounts and loans voiced their pleasure with the stability of the consumer market. For instance, Jamie Dimon, the Chief Executive Officer of JPMorgan, stated that consumers are "in good shape" and are spending their additional cash.
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