US retail sales unchanged in July

Retail sales in the US were unchanged in July as the sharp decline in oil prices offset positive results in other categories. According to data from the US Department of Commerce, retail sales were unchanged on a monthly basis. The expectation was a 0.1 percent increase. Sales excluding autos and fuel increased by 0.7 percent. The expectation was a 0.4 percent increase. According to the report, sales increased last month in 9 of the 13 categories. The previous month's data was revised from 1 percent to 0.8 percent. Retail sales had increased every month this year until July. The decline in consumer spending, the main engine of the US economy, is also a significant factor in the Fed's fight against inflation. The Fed is expected to evaluate the data announced today in its September interest rate decision. Balance sheets announced this week in the US gave signals about consumer spending. Walmart, one of the major US retail chains, reported better figures due to factors such as back-to-school and falling oil prices, while Home Depot reported a profit above estimates. Profit at major department store Target fell short of even the lowest estimates.