My Thoughts about those July Retail Sales
US retail sales fell 0.6% in July, marking the weakest performance in over a year. Consumer sentiment has plunged, suggesting that inflation is eroding buying power. The decline in retail sales indicates that consumers are cutting back on spending.
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- ✓ US retail sales fell 0.6% in July.
- ✓ Consumer sentiment has plunged.
- ✓ The decline in retail sales is the weakest performance in over a year.
What changed
The July retail sales data was released, showing a 0.6% decline.
Live updates
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US Retail Sales Slump in July
US retail sales fell 0.6% in July, marking the weakest performance in over a year. Consumer sentiment has plunged, suggesting that inflation is eroding buying power. The decline in retail sales indicates that consumers are cutting back on spending.
Why it matters
The retail sales data is a key indicator of consumer spending, which accounts for a significant portion of the US economy. A decline in retail sales can signal a slowdown in economic growth. The July data comes as inflation remains a concern for consumers and policymakers.
What is confirmed
- US retail sales fell 0.6% in July.
- Consumer sentiment has plunged.
- The decline in retail sales is the weakest performance in over a year.
What to watch next
- August retail sales data
- Inflation rate for July
confidence 90%Sources used for this update (6)
- CNN — US consumers cut retail spending sharply in July
- Yahoo Finance — US retail sales weakest in over a year, consumer sentiment plunges
- The New York Times — Unexpected Drop in U.S. Retail Sales as Shoppers Feel the Squeeze
- Axios — Retail sales slump in July
- cfodive.com — Retail sales fall 0.6% as consumers see inflation eroding buying power
- Wolf Street — My Thoughts about those July Retail Sales
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