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Retail sales better than expected in July

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U.S. retail sales rose 0.3 percent in July, after a 0.7 percent decline in June, according to the Commerce Department. Bloomberg reported that Apple Inc.’s new iPhone boosted electronics sales, helping offset declines in automobile and gasoline sales.

Excluding automobile purchases, retail sales rose 0.4 percent after falling 0.2 percent in the previous month. Analysts had projected that retail sales, which account for about half of all consumer spending, would rise 0.2 percent.

Electronics and appliances climbed 1 percent after falling 1 percent in June. Sales at sporting goods, hobby, book and music stores increased 0.4 percent, with the release of the final book in the Harry Potter series. Sales at car dealerships and auto parts stores declined 0.3 percent after a 2.9 percent fall in June. Gasoline station sales also fell 0.8 percent, partially due to a drop in fuel prices.

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