Sales at U.S. retailers probably dropped in July for the first time in five months as record gasoline prices siphoned the cash from tax rebates out of consumers’ pockets, economists said before reports this week.
Purchases fell 0.1 percent after a 0.1 percent gain in June, according to the median estimate in a Bloomberg News survey before the Commerce Department’s report on Wednesday. Other reports may show food and fuel prices pushed up the cost of living, while manufacturing stagnated.
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