Retail sales jumped 7.5% in June

U.S. retail sales rose 7.5% in June, after a revised record 18.2% jump in May, the Commerce Department said Thursday.

Why it matters: Consumer spending accounts for roughly 70% of U.S. economic activity, and June's retail sales nearly reached February's pre-pandemic levels, driven by spending at car dealerships, clothing and furniture stores. But economists warn it may have since slowed as states began to reimpose lockdowns amid surging coronavirus caseloads.