U.S. retail sales stagnated last month on declines in auto purchases and gasoline prices, though gains in other categories suggested consumer spending remains resilient, Bloomberg News reported. The value of overall retail purchases was flat last month after a revised 0.8% jump in June, Commerce Department data showed Wednesday. Excluding gasoline and autos, retail sales rose a better-than-expected 0.7%. The figures aren’t adjusted for inflation. The median estimate in a Bloomberg survey of economists called for a 0.1% rise in retail sales. For many Americans, the significant pullback in gasoline prices has boosted sentiment and likely freed up cash to spend elsewhere. Even so, widespread and persistently high inflation is eroding workers’ paychecks and forcing many to lean on on credit cards and savings to keep up. That presents an enduring headwind to the resilience of consumers in the months ahead. Sales at gasoline stations fell 1.8% in July, reflecting a steady retreat in gas prices from the record highs seen in mid-June. Purchases at motor vehicle and parts dealers dropped 1.6%.
