Retail Sales Off Dramatically in June

A day after chain store retailers reported modest sales growth in June, broader spending data from the Commerce Dept. revealed the biggest drop in retail sales in almost two years. Declines in autos, furniture and building supply sales all contributed to a 9 percent drop in retail sales, according to data from the Commerce Dept. Economists had been expecting flat performance, and attributed the month’s results to the effects of higher gas prices on other spending, according to a report by Associated Press. Autos and auto parts sales fell 2.9 percent in June and furniture store sales decreased 3 percent. The earlier retail report included mostly chain stores such as Wal-Mart and Macy’s and did not include auto, furniture or building-related businesses.