WASHINGTON-U.S. retail sales posted a healthy gain in June, a sign of sturdy consumer spending this spring that should bolster broader economic growth headed into the second half of the year.
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The report said retail sales climbed by 0.6% in June following a downwardly revised 0.2 uptick in May. Sales were up 2.7 percent from a year earlier.
Further, retail sales of two-wheelers rose 35.9 percent in May y/y, with sales of furniture and household equipments, as well as medical goods and toiletries rose 3.1 and 1.9 percent respectively over the same course of time. Excluding volatile spending on cars and auto parts, sales were up 0.7 per cent.
Compared to the preceding month, retail sales edged up 1.4% over the previous month. Seasonally adjusted sales of food and beverage services inched up 0.9% in May 2016 over the previous month.
Total retail sales value in May was estimated at S$3.7 billion, higher than the S$3.6 billion in May 2015.
Retail sales will likely remain supported in the wake of a rally on the USA stock market, rising wages and higher savings.
Retail sales in June were buoyed by purchases of building materials and garden equipment, which jumped 3.9 per cent, the largest increase since April 2010.
Online retail sales rose 1.1 percent, while receipts at sporting goods and hobby stores shot up 0.8 percent.
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Sales at restaurants and other fast food joints rose 6.7 percent and 1.1 percent respectively in May, compared to the same period a year ago.
