Bank of America data shows retail spending rose in June

Investing.com -- Bank of America reported that total retail spending, excluding gas, increased 4.6% in June based on aggregated credit and debit card data. This compared to a 4.3% rise in May.

General merchandise spending slowed to 4.4% in June from 5.5% in May. The bank noted a pickup in online general merchandise spending at the end of June, likely due to Amazon's Prime Days and other competitor sale periods shifting into June from July compared to last year.

Grocery spending declined 0.8% in June after rising 1.5% in May. Gas prices fell approximately 10% on average from May to June.

Most housing categories tracked by Bank of America improved in June, with exceptions for roofing and siding and furniture. Online furniture spending accelerated to 7.5% in June.

Home improvement spending, used as a proxy for do-it-yourself activity, improved to 2.5% in June from negative 1.4% in May. Housing-related services spending, which serves as a proxy for professional services, accelerated to 8.4% from 1.5% in May. Both categories were led by performance in the Northeast.

Consumer electronics and hobby retail spending remained at 9.8% in June.

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