Retail sales in the US came in lower than expected for June, but the big picture still looks strong

Retail sales in the US came in lower than expected for June, but the big picture still looks strong. June retail spending rose 0.2%, compared to the 0.6% expected by the market. However, May's number was revised upward from 0.3% to 0.5%. More importantly, the annual trend in retail spending remains intact. The yearly increase of 4.3% is roughly in line with previous months. What's more, if you strip out gasoline from the equation, the annual number jumps to a more robust 4.8%. Given the overall economic picture, June's retail consumption numbers continue to support a growing economy. (VIEW LINK)