Retail sales take unexpected drop
Yet another sign that the U.S economy is slowing- retail sales fell a surprising 0.5 percent in June, following a 0.2 percent decrease the previous month. Forecasters had predicted a 0.2 gain for the month.
Motor vehicle sales dropped 0.6 percent and Gasoline sales saw a sharp decline (down 1.8 percent). Weakness was also seen in building materials and gardening equipment (down 1.6 percent) and sporting goods and hobby (down 1.6 percent).
Gains were seen by miscellaneous store retailers (up 0.5 percent) and nonstore retailers (up 0.5 percent). Food and beverage stores and clothing and accessories stores also saw modest gains.Retail sales are still up year-over-year (3.8 percent).