Pursuits
Stagnant Sales Mean U.S. Retailers May Lack Pricing Power
- Drop in gas-station, grocery-store receipts limits purchases
- Lower food, fuel costs also cause drop in producer prices
This article is for subscribers only.
Checkout lines at most American retailers were noticeably shorter in July as sales stalled following one of the strongest quarters in years, indicating consumer spending will cool in the third quarter.
The Commerce Department on Friday said purchases totaled $457.7 billion last month, little changed from the $457.9 billion in June. That reflected declining receipts at eight of 13 major categories -- including service stations, grocery stores and clothing shops -- that offset improving demand for autos.