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The Office for National Statistics said on Thursday that retail sales in June grew 2.9% on an annual basis, well under economists' forecasts of 3.9%. Month-on-month growth turned negative, with sales shrinking by 0.5% between May and June. Economists had expected growth of 0.4%.
Two decades after Amazon streamlined the process, sales from e-commerce account for a little less than $10 of every $100 spent in retail as a whole.
Americans are about to see tax cuts in their paychecks — here’s what they’re likely to do with the extra cash
Starting in February, many Americans should see a bump in their paychecks.
"Consumers continue to move Christmas purchases earlier with higher spending in November and lower spending in December than seen in previous years."
Retail stocks have outperformed the broader market late this year.
"The first half of 2017 has been tough for the UK consumer ... but this week’s data brought some better news," the team at Oxford Economics argues.
Consumer spending accounts for more than two-thirds of the US economy, and so retail sales offer a pulse check.
The British Retail Consortium (BRC) said on Monday night that retail sales rose by 1.2% in June.
The latest read on retail sales in the US.
BRC's retail sales monitor shows April's strong growth was a blip, with May showing a 0.4% fall.