U.S. retail sales unexpectedly post largest drop in more than a year
Summary
U.S. retail sales dropped by 0.6% in July, the biggest decline in over a year, after strong spending in previous months. This decrease, along with slower job growth and rising costs, suggests the economy might be slowing down. Higher prices and increased credit card debt are causing consumers to spend less.Key Facts
- Retail sales fell 0.6% in July, the largest drop since May 2025.
- Spending had risen slightly by 0.2% in June before the July decline.
- Gas station sales dropped 0.9% due to lower fuel prices early in July.
- Gas prices increased later in July, reaching about $4.08 per gallon.
- Americans owe over $1 trillion in credit card debt, up 60% from five years ago.
- Online sales fell 2.2% after a big boost from Amazon Prime Day in June.
- Inflation rose 3.4% year-over-year in July, down slightly from 3.5% in June.
- Restaurant sales were the only services category to increase, growing by 0.5%.
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