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U.S. Retail Sales Climb More Than Expected In July

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Retail sales in the U.S. increased by more than anticipated in the month of July, according to a report released by the Commerce Department on Tuesday.

The report said retail sales climbed by 0.6 percent in July after rising by a revised 0.3 percent in June. Economists had expected sales to increase by 0.4 percent compared to the 0.2 percent drop originally reported for the previous month.

The bigger than expected increase in retail sales was partly due to a jump in sales by motor vehicle and parts dealers, which surged up by 1.2 percent in July after climbing by 0.9 percent in June.

Excluding the jump in sales by motor vehicle and parts dealers, retail sales still rose by 0.5 percent in July following a 0.1 percent uptick in June. Ex-auto sales had been expected to increase by 0.3 percent.

The stronger than expected ex-auto sales growth reflected notable increases in sales by miscellaneous store retailers, non-store retailers and building materials and supplies dealers.

Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.6 percent in July after edging down by 0.1 percent in June.

by RTT Staff Writer

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