Retail Sales Rise in July Despite Drop in Auto Sales
(NEW YORK) -- Retail sales rose 0.2 percent in July, according to the latest figures released on Tuesday by the Commerce Department.
"There were some good sales numbers at clothing stores, sales at sporting goods stores, at department stores, so that is suggestive of a consumer that continues to hang in there," Mark Zandi, chief economist at Moody's Analytics, tells ABC News Radio.
But, as Zandi points out, not all sectors did as well. "The only blemish was the decline in auto sales, but in general, they've been rising, so abstracting from that, retail sales were up, pretty good, not too bad," he says.
Zandi adds that auto sales weren't the only soft spot in the report.
"Sales at furniture stores and building material supplies, all that seems a little odd though given the improvement in the housing market, so I expect that to turn," he says.
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