© Reuters. By Geoffrey Smith
Investing.com – Handball in U.S. retail sales plummeted in July as the benevolence of rising demand faded against a backdrop of record unemployment.
Retail sales increased only 1.2% from June, after gains of more than 18% and 8% in May and June. The figure was below consensus forecasts for growth of 1.9% ahead of time.
Core retail sales, a series that excludes cars, rose 1.9% on the month, better than the expected gain of 1.3%, but still a clear decrease of 8.3% in June.
In year-on-year terms, sales were still up for 2 July% for July 2019, helped in large measure by government-backed measures that have been drastically cut since the end of the month.
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