U.S. retail sales fall unexpectedly and sharply after summer tax-refund boost fades
- U.S. retail sales fell 0.6% in July, the biggest monthly decline since May 2025, after a revised 0.2% gain in June.
- Economists had expected a small increase, so the report came in weaker than forecast.
- Excluding gas stations and auto dealers, retail sales fell 0.2%, and the Commerce Department's control group, used to calculate GDP, declined 0.4%.
- Sales at gas stations fell 0.9%, online sales dropped 2.2%, and motor vehicle and parts dealers posted a 1.8% decline.
- Some categories still grew, including clothing and accessories, furniture and home furnishings, building materials and garden supplies, while restaurant sales rose 0.5%.
U.S. retail sales unexpectedly fell 0.6% in July after a spending lift from tax refunds earlier in the year faded. The decline was the largest since May 2025 and came after a revised 0.2% increase in June, according to Commerce Department data released Friday.
The report was weaker than economists expected and added to concerns that consumer demand, which has helped support the economy, may be losing momentum. July sales were dragged down by lower spending at gas stations, motor vehicle and parts dealers, and online retailers.
The data may be mildly negative for U.S. stocks, especially consumer-discretionary and retail shares, because it points to slower spending. By contrast, it is neutral for crypto and gold directly, though the weaker consumer backdrop could support interest-rate-cut expectations that often influence those markets indirectly.
美国零售销售在夏季退税提振消退后意外大幅下滑
美国7月零售销售意外下降0.6%，此前年内税退款带来的消费提振已经消退。美国商务部周五公布的数据显示，这一下降是自2025年5月以来最大的一次，而6月数据则被修正为增长0.2%。
这份报告弱于经济学家的预期，也加深了市场对消费动能放缓的担忧。7月零售销售下滑主要受到加油站、汽车及零部件经销商以及线上零售支出减少的拖累。
对美股而言，这份数据可能略偏利空，尤其是消费品和零售板块，因为它显示支出放缓。对加密货币和黄金本身则属中性，但较弱的消费背景可能通过强化降息预期，间接影响相关市场。