U.S. Retail Spending Held Steady in July

U.S. retail spending held steady in July compared with the prior month as shoppers saved money from falling gasoline prices and boosted purchases elsewhere.

Overall retail sales—a measure of spending at stores, online and in restaurants—were flat in July compared with the prior month’s revised 0.8% increase, the Commerce Department said Wednesday. With gasoline and auto sales removed from the picture, sales rose 0.7% last month from June.

Spending at gasoline stations, which makes up about one-10th of retail outlays, fell 1.8% on the month. Vehicle sales, which make up about a fifth of retail outlays, declined 1.6%.

Gasoline prices fell steadily in July to below $4 a gallon of unleaded gasoline last week after peaking at more than $5 a gallon in mid-June. The run-up in gasoline prices started in the spring after Russia invaded Ukraine, a development that shocked world energy markets and took up a bigger share of consumer spending.