People walk pass the Prana exhibit during the Outdoor Retailer show Thursday, Aug. 4, 2016, in Salt Lake City. (AP Photo/Rick Bowmer)
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U.S. retail sales were unexpectedly flat in July as Americans cut back on purchases of clothing and other goods, pointing to a moderation in consumer spending that could temper expectations of an acceleration in economic growth in the third quarter.July's unchanged retail sales reading followed an upwardly revised 0.8 percent increase in June, the Commerce Department said. Excluding automobiles, gasoline, building materials and food services, retail sales were also unchanged last month after rising 0.5 percent in June.Economists had forecast overall retail sales rising 0.4 percent and core sales climbing 0.3 percent last month.Interest rate futures after Friday's data placed only a 43 percent probability of a December rate hike, compared to 47 percent before the data.Sales at auto dealerships increased 1.1 percent last month after rising 0.5 percent in June.
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