The U.S. Census Bureau announced today that retail and food services sales for July 2008 with seasonal adjustments was down 0.12% from June and up 2.63% compared to a year ago. Retail sales without including autos (excluding autos makes the data less volatile) was up 0.38% compared to the previous month and up 5.84% compared to the previous year.
Retail sales adjusted for inflation declined by 3.27% in July compared to the previous year. The decline in Retail Sales over the last 6 months has been the worst 6 month span since 1992. The the decline in retail sales is causing havoc for many retailers as is reflected in the amount of retailers and restaurants going bankrupt recently.
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