U.S. retail sales growth misses estimates in July

WASHINGTON — U.S. retail sales rose by 1.2 percent in July, according to the U.S. Commerce Department, after an 8.4 percent hike in June. In a Reuters poll, economists projected an increase of 1.9 percent. With COVID-19 infections continuing to spread across the country, local authorities in some areas have moved to put the breaks on business re-openings and even in some cases to close businesses again. In addition, several million Americans who have lost their jobs saw a $600 weekly benefit discontinued at the end of the month. Since then, President Trump signed an executive order extending the benefit while reducing it to $400.