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US retail sales grow 0.4% in June

US retail sales grow 0.4% in June

Mubasher: Initial official estimates showed that US retailers saw a seasonally adjusted 0.4% sales growth in June the same increase recorded in the downwardly revised reading for May, as Americans stepped up their spending.

Retail sales, a gauge of purchases at stores, at restaurants and online, came in at $519.9 billion last June, up from a revised $517.7 billion in the preceding month, the US Census Bureau reported on Tuesday.

This marked the fourth consecutive monthly sales growth, indicating that US consumers remained a major catalyst for the strength of the national economy.

On an annualised basis, retail sales climbed by 3.4% last June.

Non-store retail sales climbed by 13.4% year-on-year last month, while health and personal care stores saw a 5.5% growth, from last year.

By 12:36 pm GMT, the US dollar index climbed by 0.39% to 97.31.