Retail Sales Rebound In June Amid Record High Gas Prices, Job Gains

U.S. retail sales rebounded firmly last month, Commerce Department indicated Friday, as record high gas prices and a robust job market powered broader consumer spending.

June retail sales rose 1% from the previous month to a collective $$680.6 billion, the Commerce Department said, handily beating the Street consensus forecast of a 0.8% gain. The May total was revised higher, to a decline of 0.1%, the Commerce Department report showed, from the original estimate of a 0.3% decline.

Stripping out the auto sector, June retail sales were also up 1%, the Commerce Department report noted, while stand-alone sales of gasoline surged 4.7% as prices hit consistent record highs over the month, with data from AAA showing a record high $5.017 per gallon hit during the month.

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