June U.S. Retail Sales Fall 0.3%, First Decline In 4 Months

Sales at U.S. retail stores fell 0.3% in June, as consumers cut spending on a variety of goods and services, including cars, clothes, home furnishings and dining out. Sales were also revised lower for May and April. Economists polled by MarketWatch had forecast a seasonally adjusted 0.2% increase in retail sales last month. The weak June sales report as well as the downward revisions in the prior two months suggest U.S. growth in the second quarter will be somewhat weaker than Wall Street expects. The MarketWatch forecast had seen gross domestic product in the second quarter on track for a 2.9% gain. In June, sales minus autos fell 0.1%, the Commerce Department said Tuesday. Sales minus gasoline were off 0.4%. In May, the increase in sales was trimmed to 1% from 1.2%. April sales were revised to show no increase instead of a 0.2% gain.