Retail sales little changed in July amid fall in gas prices and drop in auto sales

8/17/2022 3:48:00 PM

Breaking News: Markets, Markets

BREAKING: Retail sales were little changed in July amid a fall in gas prices and a drop in auto sales.

Scott Olson | Getty ImagesRetail activity was flat in July as falling fuel prices held back gas station sales and consumers turned more heavily to online shopping, the Census Bureau reported Wednesday.While advance retail sales were unchanged, total receipts excluding autos rose 0.4%. Economists surveyed by Dow Jones had been looking for a 0.1% increase in the topline number and a flat total ex-autos. June's gain was revised down to 0.8% from 1%.

The numbers are adjusted seasonally but not for inflation, and come during a month when the consumer price index also was flat.A tumble in fuel prices off their record nominal highs pushed down sales at the pump, with gas station receipts off 1.8%. Motor vehicle and parts dealers sales also fell sharply, declining 1.6%.

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No shit. Y'all been telling folks how the economy is going south. Now you're surprised people are not spending like drunken sailors? Sheesh