US consumers cut retail spending sharply in July
Economists had expected a 0.1% gain, but spending also fell 0.2% excluding gas stations and auto dealers, the Commerce Department said.
- Retail sales fell 0.6% last month, the Commerce Department reported Friday, missing the 0.1% gain projected by FactSet and marking the steepest drop since May 2025.
- Shoppers unexpectedly cut spending as the boost from government tax refunds faded, a trend causing Retail spending to decline since the spring.
- Excluding sales at Gas stations and at auto dealers, Retail sales fell 0.2% last month, while the lone services category—restaurants—registered a 0.5% increase.
- Gas prices ticked up to $4.08 per gallon, up from $3.85 a month ago, according to AAA, as energy costs weigh on Americans.
- America's economic engine is losing steam after employers shed 23,000 jobs in July, though Economists note it is too soon to conclude the job market is crumbling.
161 Articles
161 Articles
According to the Department of Commerce report, online retail sales fell by 2.2% compared to last month
Winona Daily News
Retail sales post first decline in nine months
WASHINGTON — U.S. retail sales fell in July for the first time in nine months as the boost from big tax refunds faded, suggesting that consumer spending slowed down and prompting economists to slash their economic growth estimates for the…
Retail Sales Fall Unexpectedly In July
Max Zolotukhin/iStock via Getty Images By Jennifer Nash U.S. headline retail sales fell unexpectedly in July, down 0.6% to $763.6B in July, while core retail sales fell unexpectedly by 0.3%. Here is the introduction from today’s report: Advance Estimates Source: Seeking Alpha The post Retail Sales Fall Unexpectedly In July appeared first on The New York Ledger.
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