Retail Sales Rise, Miss Projections In June

The Commerce Department found on July 15 that Retail sales increased 0.4 percent in June, Reuters reported.

While this could be seen as positive news, this figure fell below the expectations of economists, who had earlier predicted a 0.8 percent rise. The uptick in retail sales was driven by automobile demand and gas prices.

Goldman Sachs and Barclays both reduced their second-quarter GDP growth estimates in response to the announcement.

For more on this story, read the full report here.