![Retail sales for July rose 1.2% vs. 2.3% estimate Retail sales for July rose 1.2% vs. 2.3% estimate](https://morningtopnews.com/wp-content/uploads/2020/08/106602050-1593725761721gettyimages-1223855731-768x444.jpeg)
[ad_1]
Consumers spent less than expected in July as a boom in retail sales the month before cooled while efforts to reopen the economy stalled.
Retail sales rose 1.2% for the month, against the expected increase of 2.3% from economists surveyed by Dow Jones.
The news wasn’t all a letdown, however: Excluding autos, the gain was 1.9%, ahead of the 1.2% estimate.
Considered a bellwether for an economy that gets two-thirds of its activity from consumers, retail sales saw an 8.4% surge in June that included huge gains in furniture and appliance sales. However, those gains largely reversed themselves as a resurgence in Covid-19 cases caused reopening activities to slow.
This is breaking news. Check back here for updates.
[ad_2]
Source link