NEWS
Retail sales likely dipped in July as consumers held off on purchases amid Covid delta worries
  • Retail sales were expected to have turned lower in July, falling 0.3%, compared to a 0.6% gain in June, according to Dow Jones.
  • Economists say Covid affected travel-related spending. Further, some vehicle sales fell off and consumers pulled back from spending online.
  • The consumer drives about 70% of the economy, so spending is an important factor in economic growth.

Retail sales were expected to have fallen off in July, as consumers reacted to the delta variant of Covid and held off on online and vehicle purchases.

Economists expect retail sales fell by 0.3% in July, compared to a 0.6% gain in June, according to Dow Jones consensus forecast. Excluding autos, sales were expected to have gained 0.2%, after a 1.3% gain in the month of June.

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