US retail sales fell unexpectedly in June as American consumers cut back their spending amid a persistent housing slump and higher energy costs, an official survey showed today.
The Commerce Department said June retail sales declined 0.9%, defying most Wall Street analysts' forecasts that sales would remain unchanged.
Stripping out vehicle sales from the June report, retail sales dropped 0.4%.
Sales excluding cars are also likely to disappoint Wall Street as most analysts had expected sales to rise 0.2%.
Over the past 12 months, overall retail sales in June are up 3.8% or 4.2% excluding car sales.
