U.S. Retail Sales Fell 0.6% in July — First Decline in Nine Months

U.S. retail sales dropped 0.6% in July per the Commerce Department, the first monthly decline in nine months and below Wall Street forecasts. Nonstore retailers fell 2.2%, the steepest drag. The reversal came as the spending lift from large tax refunds faded, suggesting underlying consumer demand may be weaker than spring data implied. Stocks slipped on the report.