With auto sales continuing to fall sharply, the Commerce Department released a report on Tuesday showing U.S. retail sales tumbled by much more than expected in the month of July.
The report said retail sales slumped by 1.1 percent in July after climbing by an upwardly revised 0.7 percent in June.
Economists had expected retail sales to dip by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.
Excluding the steep drop in sales by motor vehicles and parts dealers, retail sales fell by 0.4 percent in July after jumping by 1.6 percent in June. Ex-auto sales were expected to inch up by 0.1 percent.
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