Redbook U.S. Retail Sales +0.5% Week End Jun 24 Vs Year-Ago; U.S. Retail Sales First 4 Weeks Jun +0.6% Vs Jun Year-Ago
Portfolio Pulse from Benzinga Newsdesk
Redbook reported a 0.5% increase in U.S. retail sales for the week ending June 24 compared to the same period last year. Additionally, retail sales for the first four weeks of June rose by 0.6% compared to June of the previous year.
June 27, 2023 | 12:56 pm
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POSITIVE IMPACT
The increase in U.S. retail sales reported by Redbook may have a positive impact on the SPY ETF, as it reflects a healthy consumer spending environment.
The reported increase in retail sales suggests that consumer spending is healthy, which is a key driver of economic growth. As the SPY ETF tracks the performance of the S&P 500, it is likely to be positively impacted by this news, as a strong consumer spending environment generally benefits the broader market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75