Economy

Retail sales July 2021

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Shoppers in the U.S. cut back their purchases in July even more than expected as worries over the delta variant of Covid-19 dampened activity and government stimulus dried up.

Retail sales for the month fell 1.1%, worse than the Dow Jones estimate of a 0.3% decline and below the upwardly revised 0.7% increase in June.

Excluding automobiles, sales declined 0.4%, according to Commerce Department figures released Tuesday.

Markets showed little initial reaction to the news, with futures tied to the Dow Jones Industrial Average off more than 200 points and government bond yields lower across the board.

“Although retail sales fell in July, the outlook for consumer spending remains positive,” said…



Source cnbc.com

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