The monthly rate of retail sales in the United States in June was reported to be 0.6%, exceeding market expectations.
At 20:30 Beijing time this evening, the monthly rate of US retail sales, known as "terrorist data", was 0.6 per cent, higher than the widely expected monthly rate of-0.4 per cent, compared with the previous rate of-1.70 per cent, while the monthly rate of core retail sales was 1.3 per cent.
Spot gold rose slightly after the data, with the yield on the 10-year Treasury note rising to 1.327 per cent.
Retail sales data play an important role in determining the current economic situation and prospects in the United States, as retail sales directly reflect changes in consumer spending.
Some analysts pointed out that with the support of government stimulus, increased savings and COVID-19 vaccination, retail sales in the United States increased unexpectedly in June. Consumers began to shift more of their consumption to services. Coupled with still strong retail demand, economists expect household spending to expand strongly in the second quarter.
Analyst Kevin Cummins said:
"as the economy reopens, spending on services has begun to pick up, possibly pulling some of the spending away from goods to some of the services not covered in the retail sales report."
The Michael Hewson of CMC Markets says:
"US consumer spending has been largely up and down this year, and a lot of fiscal stimulus has helped drive a rebound in consumption, but as a considerable number of US consumers choose not to spend all the windfalls they made in the stimulus package, the economic recovery has been uneven."
It is reported that starting from the week of June 12, states withdrew from the federal unemployment insurance program ahead of schedule. Some states have cancelled an extra $300 a week in unemployment benefits, some have cancelled benefits for the long-term unemployed, and others have offered "back to work" bonuses in lieu of benefits. This may be an important reason for previous consumption restraint.
Williams, chairman of the New York Federal Reserve and chairman of the permanent voting committee of the FOMC.Will make a speech.