US advance retail sales fall 0.3% in June

FXStreet (Mumbai) – The retail sales in the US unexpectedly contracted in June, thereby raising questions on whether the economy is strong enough to sustain a rate hike in 2015.

The data released by the US commerce department on Tuesday showed the retail sales dropped 0.3% in June following a 1.2% growth seen in May. The consensus estimate had called for a reading of 0.3%.

Retail sales ex-Autos dropped 0.1% in June from 1.0% in May. Markets were expecting the number at 0.5%. The decline in the retail sales comes after three straight months of rebound in the retail sales.

Meanwhile, the import-price index declined 0.1% last month after advancing 1.2% in May, according to Labor Department figures. Excluding fuels, prices fell 0.2 percent last month.

The retail sales in the US unexpectedly contracted in June, thereby raising questions on whether the economy is strong enough to sustain a rate hike in 2015

(Market News Provided by FXstreet)