US retail sales rise by 0.7% in July

US retail sales rose 0.7% in July after a decrease in June that was less than initially reported.

Purchases increased last month at furniture stores, while incentives prompted more people to buy new cars and trucks.

The rise to $336.5 billion annual rate, which also reflected an increase in spending at department stores and sporting goods outlets, followed a 0.5% drop in June. June was previously reported as falling 1.1%.