U.S. Retail Sales Fell 0.6% in July — First Decline Since October

Retail sales dropped 0.6% in July, the Commerce Department reported, the first monthly decline in nine months and below Wall Street forecasts. Online retailers fell 2.2%, the steepest drag. The spending lift from large tax refunds has faded, suggesting consumer demand may be weaker than spring data implied. Stocks slipped on the report.