Retail sales increased by a seasonally adjusted 0.5% last month, according to the U.S. Commerce Department, in line with expectations. It was the fifth consecutive monthly increase.
Retail sales for May were revised to a gain of 1.3% from a previously reported 0.8% increase.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.4%, also in line with forecasts. Core sales rose 1.4% in the preceding month.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
