Retail Sales Fall Third Straight Month

Washington, DC, July 16, 2012 -- Retail sales declined for a third straight month in June, according to the Commerce Department.

Demand fell for everything from cars and electronics to building materials, despite lower gasoline prices.

Retail sales fell 0.5%, the Commerce Department said.

It was the first time sales had dropped in three consecutive months since late 2008.

The government said that sales of motor vehicles and parts dropped 0.6% last month, and sales of building materials fell 1.6%, while gasoline fell 1.8%.