Stagnant retail sales in the US

U.S. retail sales were stagnant in July, neither gaining much nor losing much, according to the Census Bureau on Friday. Without the sales of cars—which have been an important driver of retail sales growth since the end of the recession—retail sales actually dropped 0.3 percent for the month. Since July 2015, however, overall sales did manage to gain 2.3 percent.

Only a few retail categories gained much at all in July. Car sales were up 1.3 percent for the month, and likewise nonstore (internet) retailers enjoyed a bump up in sales of 1.3 percent. Other kinds of retailers enjoyed little growth, or suffered monthly declines in sales. The largest drop for the month, besides gas stations as the price of gas fell, were sporting goods, hobby, book and music stores, down 2.2 percent. (MTI)