July retail dip tempers growth momentum amid steady consumer demand
TL;DR Summary
U.S. retail sales fell 0.6% in July—the largest drop in more than a year—driven by auto dealers, gas stations, and electronics, with core sales excluding these categories down 0.3%. One-off factors like an earlier Amazon Prime Day and World Cup timing partly explain the weakness, but the data still point to a slower pace of growth in the second half and give the Fed room to pause rate hikes. Meanwhile, Q2 GDP benefited from strong personal consumption expenditures, even as other sectors contracted.
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- Retail sales tumble in July, their biggest drop in more than a year The Washington Post
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