Retail Sales Surge in June, Inflation Holds Steady
Strong retail sales figures for June show consumers were spending on home and garden materials.
June retail sales rose 0.6 percent month-over-month, beating estimates of 0.1 percent, while the consumer price index rose just 0.2 percent, missing forecasts of 0.3 percent, according to government reports on Friday. Consumers upped spending on home and garden materials in June, a category which saw a 3.9 percent jump in sales. 'There's no question that it's a better number,' said Ian Winer, head of equity trading at Wedbush Securities, based in Los Angeles. 'The only caveat is that industries like furniture, gardening and especially autos are especially reliant on credit to boost sales.' TheStreet's Scott Gamm reports from Wall Street.
