US retail sales fall more than expected in July

ANKARA

US retail sales fell more than analysts estimated in July, according to figures released Tuesday by the Commerce Department.

Retail sales came in at $617.7 billion, down 1.1% from a revised level of $624.7 billion in June.

While analysts expected a 0.3% decline on a monthly level, the figure in June was revised up to an increase of 0.7%, from 0.6%.

The annual increase in July was 15.8%, compared to July 2020.

"Clothing and clothing accessories stores were up 43.4% from July 2020, while food services and drinking places were up 38.4% from last year," the agency’s Census Bureau said in a statement.

Most of the decline in July came from motor vehicle and parts dealers that fell 3.9%. This was followed by non-store retailers with a 3.1% decrease and clothing and clothing accessories stores that declined 2.6%.

Rising inflation has become a problem for the American economy, triggering the decline in retail sales since consumers make up around 70% of all activity in the world's largest economy.

Consumer prices rose 0.5% in July on a monthly basis and soared 5.4% on an annual basis. Producer prices were up 1% and 7.8%, respectively, according to the latest figures of the Labor Department.

ANKARA

US retail sales fell more than analysts estimated in July, according to figures released Tuesday by the Commerce Department.

Retail sales came in at $617.7 billion, down 1.1% from a revised level of $624.7 billion in June.

While analysts expected a 0.3% decline on a monthly level, the figure in June was revised up to an increase of 0.7%, from 0.6%.

The annual increase in July was 15.8%, compared to July 2020.

"Clothing and clothing accessories stores were up 43.4% from July 2020, while food services and drinking places were up 38.4% from last year," the agency’s Census Bureau said in a statement.

Rising inflation has become a problem for the American economy, triggering the decline in retail sales since consumers make up around 70% of all activity in the world's largest economy.

Consumer prices rose 0.5% in July on a monthly basis and soared 5.4% on an annual basis. Producer prices were up 1% and 7.8%, respectively, according to the latest figures of the Labor Department.