US retail sales flat in June as consumption cools [Video]

Retail sales in the United States slipped less than analysts anticipated in June on a weaker performance in the auto and gas segments, government data showed Tuesday.

The slower consumption growth adds to recent data showing that the world’s biggest economy is cooling gradually — a trend likely to raise the central bank’s confidence that it can soon begin cutting interest rates.

To ease demand and bring inflation back down sustainably, the Federal Reserve has rapidly lifted the benchmark lending rate and in recent months, held it at a decades-high level.

But in June, overall retail sales was $704.3 billion, virtually unchanged from May’s figure, according to the Department of Commerce.

Meanwhile, May’s increase was revised slightly higher.

From a year ago, the rise in June was 2.3 percent, a cooldown from the prior month as well.

Analysts have long been expecting consumers to pull back as higher interest rates bite, lifting borrowing costs for consumers and …