US RETAIL SALES POST FIRST DECLINE IN NINE MONTHS IN JULY

U.S. retail sales fell in July for the first time in nine months as the boost from big tax refunds faded, suggesting that consumer spending was slowing down and prompting economists to slash their economic growth estimates for ​the third quarter.

The unexpected decline in retail sales reported by the Commerce Department on Friday was also payback after Amazon pulled forward its Prime Day event to June from July, with other retailers offering ‌competing promotions. A retreat in gasoline prices also weighed on receipts at service stations.

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