Retail sales rose 0.5% last month, a slowdown from a revised 0.9% in June, which was revised upward, according to the Commerce Department’s report released Friday. The pace in July matched economists' estimates.
Auto sales rose 1.6%. The data also showed solid spending across many retail sectors. Business at clothing stores was up 0.7% while online retailers saw a 0.8% increase. Business at home furnishings and furniture stores rose 1.4%.
However, at electronics stores, sales were down 0.6%. And business at restaurants, the lone services component within the Census Bureau report and a barometer of discretionary spending, fell 0.4%, however as shoppers are focusing on eating at home to save money.
