By Geoffrey Smith
Investing.com -- The rebound in U.S. retail sales faltered in July, as the exuberance of pent-up demand faded against a backdrop of record unemployment.
Retail sales rose only 1.2% from June, after gains of over 18% and 8% in May and June. The figure was below consensus forecasts for 1.9% growth ahead of time.
Core retail sales, a series that excludes automobiles, rose 1.9% on the month, better than the 1.3% gain expected but still a clear slowdown from 8.3% in June.
In year-on-year terms, sales were still 2.7% ahead of July 2019, helped in large measure by government support measures that have been drastically cut since the end of the month.