Sturdy retail sales in the second quarter suggest consumers largely shrugged off higher fuel costs. Sales rose an expected 0.2% in June following an upwardly revised increase of 1.0% in May. Sales were mixed across outlets, with autos driving the gain. A pullback in fuel prices dragged down service stations receipts. The control measure of sales that excludes autos, gasoline, building materials, and food services rose an expected and solid 0.5% following an even stronger 0.8% rise the prior month. The quarterly increase in this measure of 9.2% annualized is the fastest in four years and follows a near 6% jump in Q1. ... (full story)