U.S. Retail Sales Up Slightly in June

WASHINGTON- The U.S. Department of Commerce reported that June retail sales were up by a .02% margin, primarily because of a pickup in new car sales.

The increase falls short of the .04% increase forecasted by Wall Street economists. However, June sales for new cars and trucks show promise, as they climbed 1.5% to almost $73 billion. The report attributes this rise in sales to discounts offered by automakers.

The second quarter is expected to be one of the weakest for the U.S. economy this year, after a slim 1.2% rate of advance in gross domestic product during the first quarter. Many economists think second-quarter GDP may have stalled or barely advanced.