Singapore's retail sales down 8.9% in June, led by steep drop in motor vehicle sales

Singapore's retail sales in June fell 8.9% to $3.5 billion, compared to the same month last year. This was led by a steep drop in motor vehicle sales, which slipped by nearly a third on-year. Other big-ticket items like furniture, computer and telco equipment also saw slower sales. Economists said the latest data reflects more careful consumer spending and will likely persist for the year.
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