Retail Sales Data Disappoints, But Shows Boon in Nonstore Sales (i.e. Online Shopping)
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The S&P 500 opened lower on Monday after retail sales data in the U.S. showed a decline of 0.5 percent in June. Analysts expected a slight increase of 0.2 percent compared to May's numbers. Ex-Auto retails sales in June were lower by 0.4 percent versus the consensus of 0.0 percent.
One interesting development in the data showed a huge gain in 'nonstore' sales, which includes online shopping. Nonstore sales were up 10.9 percent from June 2011. Sales at furniture and home furnishings stores were also up, gaining 7.8 percent since last year.
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One interesting development in the data showed a huge gain in 'nonstore' sales, which includes online shopping. Nonstore sales were up 10.9 percent from June 2011. Sales at furniture and home furnishings stores were also up, gaining 7.8 percent since last year.
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