Cleaning & Restoration Breaking News

June Retail Sales Rise Solid 0.5 Percent

July 15, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON (AP) -- American consumers, the economy's one bright spot, streamed back into shopping malls in June pushing retail sales up by 0.5 percent last month, the best showing since March.

The better-than-expected June increase came after no change in sales in May, according to revised figures released by the Commerce Department on Tuesday. In the initial report a month ago, the government had said sales gained a tiny 0.1 percent in May. Retail sales fell by 0.3 percent in April.

The June advance was strong in a number of areas led by a 2.6 percent jump in sales at hardware stores and a 1.3 percent rise at clothing stores.

"Consumers are back in there doing their best to prop up the economy," said Joel Naroff, chief economist at Naroff Economic Advisors. "They spent a ton of money on building and garden supplies, clothing, furniture, sporting goods, health care and just about everything else."

The June sales performance was welcome following two lackluster months for sales which had raised concerns that the consumer sector, which single-handedly has kept the current recovery alive, might be showing signs of faltering.

Still, even with the increase, some analysts cautioned that the economy will need all the help it can get going forward. Many economists are expecting President Bush's new round of tax cuts, which began showing up in paychecks in July, to provide momentum for the second half of the year.

Federal Reserve Chairman Alan Greenspan, delivering the Fed's twice yearly economic forecast to Congress on Tuesday, said that the central bank expected growth to rebound in the second half of this year, but he said if this forecast doesn't pan out, the central bank is ready to slash interest rates again. The Fed has already pushed a key short-term rate to 1 percent, its lowest level in 45 years.

Many analysts believe the Fed may well have to reduce rates again, especially if the recent increases in the unemployment rate, which hit a nine-year high of 6.4 percent in June, rattle consumer confidence.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view