Retail sales climb 1.2% in July, but growth is tapering off as stimulus fades

Sales at US retailers rose marginally in July and returned to precrisis levels, but growth has tapered off since the economy reopened and could soften further in the absence of another major federal-relief package. Retail sales rose 1.2% in July against economists forecast of 2% advance. They have slowed from an 8.4% increase in June and a record 18.3% gain in May when an economic rebound began.