Retail sales dip to five-month low

Retail sales fell in July following a small June gain, the Department of Commerce reported today. July retail sales dipped 0.1% after rising 0.3% in June, with the drop attributed to a 2.4% decline in purchases of motor vehicles and automobile parts. Excluding automobiles, retail sales were up 0.4% for the month, with gasoline station purchases up 0.8% from June. Sales in electronics stores rose 0.8% from June, with clothing store sales jumping 0.2% and purchases at general-merchandise stores increasing 0.3%. Prices paid for imported goods rose 1.7% due to the increasing prices of petroleum and non-petroleum imports. That followed a 2.9% jump in June, according to the Department of Labor. July export prices rose 1.4% after increasing 1% in June. Agricultural prices rose 6.7% last month, the largest monthly advance since the sector’s exports price index was first published monthly in December 1988.