US retail sales better than appear at first blush

Heightened uncertainty and high interest rates are limiting big-ticket purchases, especially homes and housing-related items, writes KPMG US Senior Economist Yelena Maleyev.

United States' (US) retail sales rose 0.2 percent in June, the weakest pace since January. May sales were revised higher. Sales excluding autos fell 0.2 percent. Sales are not adjusted for inflation. Real retail sales increased 0.6 percent as the consumer price index (CPI) recorded its largest monthly drop since April 2020 due to falling oil prices. Motor vehicle and parts dealers gained 1.9 percent on the month and 5.7 percent on the year, helped by flat new vehicle prices and motor vehic...

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Authors: Yelena Maleyev

Published Date: 22 July 2026