US retail sales fell more than expected in July

US retail sales fell more than expected in July as data showed today that US retail sales fell 1.1% in July versus 0.7% in June, and on an annual basis retail sales rose 15.8% in the twelve months to July compared to the same period in Last year, auto dealership revenue fell 3.9% in July after falling 2.2% in June. Online retail sales fell 3.1% in July. Sales in clothing stores fell 2.6% in July. Core retail sales, excluding cars and gasoline, fell 2.6% in July. Building materials and food services increased 1.0% in July after rising 1.4% in June as core retail sales closely align with the consumer spending component of GDP.