MW: July retail sales fall despite cash for clunkers
By Rex Nutting
WASHINGTON (MarketWatch) - U.S. retail sales fell 0.1% in July despite a boost from the government's cash-for-clunkers subsidy, the Commerce Department reported Thursday. It was the first decline in seasonally adjusted sales in three months. The report shows that consumer spending is still weak despite attempts by the government to stimulate demand. Sales at most kinds of stores declined in July. Economists surveyed by MarketWatch were looking for sales to rise 0.8%. Falling gasoline prices in July led to a 2.1% decline in sales at gasoline stations. Excluding gas, retail sales rose 0.1. Excluding autos, retail sales fell 0.6%, against an expectation of a 0.1% increase.
