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Retail sales dropped for third month in a row


Retail sales fell for a third straight month in June, according to the U.S. Commerce Department, as demand slumped for everything from cars and electronics to building materials, Reuters reported.

Retail sales slipped 0.5 percent, the Commerce Department said on Monday.
It was the first time sales had dropped in three consecutive months since late 2008, when the economy was still mired in a deep recession. Analysts polled by Reuters had expected retail sales to rise 0.2 percent.

Sales of motor vehicles and parts dropped 0.6 percent last month. Receipts at electronics and appliance stores declined 0.8 percent. Sales of building materials slipped 1.6 percent and receipts at gasoline stations dropped 1.8 percent.

Excluding automobiles, sales fell 0.4 percent. A so-called core measure of retail sales, which excludes autos, gasoline and building materials, declined 0.1 percent.

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