According to the latest report data, retail and food service sales in the United States remained at $704.3 billion in June 2024, unchanged from the expected monthly decline of 0.3%.

This data shows that despite economic obstacles, consumer spending has demonstrated strong resilience. Core retail sales also exceeded expectations by 0.1%, reaching 0.4%.

Despite average monthly performance, retail sales in June 2024 increased by 2.3% year-on-year, indicating that consumer demand remains relatively strong on an annual basis.

Specifically, retail trade sales have slightly decreased by 0.1% since May 2024. However, compared to June 2023, a growth of 2.0% was still achieved. Especially non physical retailers, including e-commerce platforms, have shown strong growth, with a year-on-year increase of 8.9%.

The catering services and beverage venues sector performed strongly, with a growth of 4.4% compared to June 2023. This growth shows signs of sustained recovery in the hotel industry.

From a broader perspective, the total sales from April to June 2024 increased by 2.5% compared to the same period last year. This indicates that retail activities have maintained stable but moderate expansion in this quarter.

The report also revised the data for May. The percentage change from 0.1% growth in April to May has been adjusted to 0.3% growth.

The unexpected stability of retail sales in June, coupled with strong performance in e-commerce and catering services, suggests a cautious bullish outlook for consumer related stocks in the short term. Despite concerns about interest rates and inflation, the strong performance of American consumers may provide support for retail sector stocks.