US retail sales grow 1.2 per cent, missing July expectations
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US retail sales for July undershot expectations with growth of 1.2 per cent, the US Commerce Department said today.
Retail sales were predicted to grow 2.1 per cent in July.
Retail sales totalled $536bn in July, according to the preliminary figures.
Car sales fell 1.2 per cent, sporting goods and book sales were down five per cent, but electronics store sales jumped 22.9 per cent
Coronavirus infections continue to spread across the US, causing authorities in affected areas to pause reopenings or shut down businesses again.
Tens of millions of unemployed people lost a $600 weekly jobless benefits supplement at the end of July. President Donald Trump signed an executive order extending the supplement on Saturday, though he reduced the weekly payout to $400.
Republicans and Democrats are bickering over new aid for the economy even as signs mount that activity is stalling.
Job growth slowed significantly in July and at least 31.3m people are on unemployment benefits.
The US economy, which entered recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years.
Retail sales in June grew 8.4 per cent to $529.4bn (£403.3bn) according to revised figures released today.