US July Retail Sales Fall 0.6%, Missing Forecasts

U.S. retail sales fell in July.

The Commerce Department said on August 14 that retail sales dropped 0.6% from the previous month in July, below economists' forecasts for a 0.1% gain.

Core retail sales, released at the same time, also fell 0.3% from a month earlier, missing expectations.

The monthly U.S. retail sales report is a preliminary indicator that mainly tracks goods sales within overall consumer spending. It is widely viewed as a gauge of changes in consumption, a main pillar of the U.S. economy.