Retail sales fall 0.3% in August, their first drop since March

Retail sales fell in August, during what is traditionally back-to-school shopping season, as shoppers continued to rein in their spending. It was the first drop since March. U.S. retail sales fell 0.3% last month compared with July, the Commerce Department reported Thursday. July sales, however, were revised up slightly to 0.1% growth from an estimate of no growth. A drop in auto sales was expected to drag down overall August retail sales.