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Economic News

United States: Higher Prices Are Underpinning Retail Sales

July 15, 2022
Francis Généreux
Principal Economist

Summary of the publication

  • Retail sales rose 1.0% in June after falling 0.1% in May (revised from -0.3%).
  • Motor vehicle sales increased 0.8% in June, while gas station receipts spiked 3.6%. Excluding motor vehicles and gasoline, sales were up 0.7% after dipping 0.1% in May and rising 0.7% in April.
  • Other than motor vehicles and gasoline, the biggest gains were at nonstore retailers (+2.2%), furniture stores (+1.4%) and food services and drinking places (+1.0%).
  • Industrial production declined 0.2% in June after stagnating in May. Manufacturing output fell 0.5% for the second consecutive month. The mining sector jumped 1.7%, while energy production contracted 1.4%.

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