Retail sales jumped 0.6% in June, bouncing back from May’s 0.9% drop. Some of the biggest gains were seen at car dealerships, clothing stores, home improvement centers and restaurants.
A key measure of retail sales – known as the “control group,” which excludes categories like autos, gas, building materials, and food services – also beat forecasts with a 0.5% gain, though May’s figures were revised lower. This data is important because it directly affects economic growth numbers for the second quarter.
On the jobs front, new unemployment claims fell to 221,000, the lowest since early April. However, the number of people continuing to receive unemployment benefits rose slightly to 1.956 million. This figure has stayed above 1.9 million for eight straight weeks, suggesting many job seekers are still struggling to find work quickly.