Retail sales in U.S. unexpectedly fall

The U.S. Commerce Department announced Tuesday sales unexpectedly dropped in June at U.S. retailers by 0.3 percent after a 1 percent advance in May.

An early-falling Memorial Day holiday boosted sales in May, with a longer school year likely contributing to slower sales performance in the second quarter, according to Bloomberg Business.

Separate figures reported Tuesday by the U.S. Labor Department and Ward’s Automotive Group showed a drop in import costs and auto sales, respectively. The import-price index fell 0.1 percent in June after a 1.2 percent increase in May, and auto sales dropped from 17.7 million in May to 17.1 million in June.

Core sales, excluding autos, gas stations and building materials, used to calculate gross domestic product, declined 0.1 percent in June after a 0.7 percent increase in May.

Read more from Bloomberg Business.