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7 days ago
U.S. retail sales fall for second straight month
July 14, 2017 / 12:39 PM / 7 days ago

U.S. retail sales fall for second straight month

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A woman walks past a sign advertising a sale in the Old Town shopping area of Pasadena, California, U.S. June 27, 2017.Mario Anzuoni

WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in June for a second straight month, which could temper expectations of strong acceleration in economic growth in the second quarter. The Commerce Department said on Friday retail sales fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well as on hobbies.

May's retail sales were revised to show a 0.1 percent dip instead of the previously reported 0.3 percent drop. Retail sales rose 2.8 percent year-on-year in June.

Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama

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