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December 4, 2009

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July retail sales up 1.2 percent

Tuesday, Aug. 13, 2002 | 9:48 a.m.

WASHINGTON -- Sales at U.S. retailers rose by a brisk 1.2 percent in July, but much of the strength reflected people taking advantage of free-financing offers and other incentives to buy cars and trucks.

Excluding sales of automobiles, retail sales went up by just 0.2 percent in July, the Commerce Department reported today. The retail sales numbers matched many analysts' expectations.

In July, a sizable 4.2 percent increase in sales of automobiles outweighed cutbacks elsewhere. Shoppers trimmed spending on furniture and home furnishings, electronics and appliances, building and garden supplies, and clothes, a sign that consumers have grown more cautious amid stock market turmoil and economic uncertainties.

Still, the fact that consumers were still buying offered good news for the economic recovery. Consumer spending accounts for two-thirds of all economic activity in the United States.

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