Retail sales advanced in June by the largest amount in five months, led by a surge in gasoline prices and a slight rebound in the battered auto sector.
The Commerce Department said Tuesday that retail sales rose 0.6 percent last month, better than the 0.4 percent gain that economists had expected. It marked the second consecutive increase and boosted hopes that the economy may be on the verge of a rebound.
While much of the strength came from a price-driven surge at gasoline stations, there was also strength in a number of other areas, including the best showing at auto dealerships since January.
WHOLESALE PRICES
Wholesale prices also took a bigger-than-expected leap in June, rising the most since November 2007, led by more expensive energy products.
The Labor Department says the 1.8 percent increase in the Producer Price Index, which tracks the costs of goods before they reach store shelves, came after wholesale prices rose 0.2 percent in May.
Economists expected a gain of 0.9 percent last month.
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