Retail Sales Saw July Decline

Retail sales reportedly declined 1.1 percent in July, which was worse than the anticipated decline of 0.3 percent, reports CNBC.

Book stores, Musical instrument and sporting goods stores had a sales decrease of 1.9 percent, and clothing took a 2.6 percent dip. Car and motor vehicle parts dealers’ sales fell 3.9 percent. Online sales also had a decline of 3.1 percent.

Despite this, food and beverage sales were up 1.7 percent and gas sales saw a 2.4 percent increase. Restaurants and bars also had a 38.4 percent increase in sales from this time a year ago.

“Although retail sales fell in July, the outlook for consumer spending remains positive … However, spending growth will shift from goods to services over the next couple of years, limiting growth in most categories of retail sales,” says Gus Faucher, Chief U.S. Economist at PNC, CNBC reports.