Retail sales fell 1.1% in July, vs. an expected 0.3% drop.
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.Excluding automobiles, sales declined 0.4%, according to Commerce Department figures released Tuesday.
Consumers make up nearly 70% of all activity in the U.S., so retail sales are watched closely as a gauge to overall economic health. Though July saw a month-over-month decline, the $617.7 billion in sales still represented a 15.8% acceleration from the same time a year ago.
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