NEW YORK (AP) — Americans cut back on their spending last month as a surge in COVID-19 cases kept people away from stores. Retail sales fell a seasonal adjusted 1.1% in July from the month before, the U.S. Commerce Department said Tuesday. It was a much larger drop than the 0.3% decline Wall Street analysts had expected. The report is the first glimpse into whether a surge in COVID-19 cases in July has kept people from heading out to shop. According to Tuesday’s report, spending fell at stores that sell clothing, furniture and sporting goods.
Americans spent less in July as COVID-19 cases surged
