Retail sales inched up slightly in June, the Commerce Department said Tuesday, though well below analysts’ expectations.
{mosads}Sales increased by 0.2 percent from May to June, according to the government figures. Analysts had projected an increase of 0.6 percent for retail sales, which account for about a third of consumer spending.
Consumer spending, in turn, accounts for about two-thirds of the economy.
Even with just the slight increase in retail sales, some economists found a silver lining, noting that core sales – which exclude cars – increased 0.5 percent. Car sales took a slight tumble in June, according to the Commerce Department data.
The economy contracted by 2.9 percent in the first quarter of 2014.