Retail sales for July rose 1.2% vs. 2.3% estimate

Consumers spent less than expected in July as a boom in retail sales the month before cooled while efforts to reopen the economy stalled.

Retail sales rose 1.2% for the month, against the expected increase of 2.3% in July from economists surveyed by Dow Jones.

The news wasn’t all a letdown, however: Excluding autos, the gain was 1.9%, ahead of the 1.2% estimate.

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