US retail sales slump unexpectedly and sharply after a summer tax-refund boost fades
- U.S. retail sales fell 0.6% in July, the biggest monthly decline since May 2025, after economists had expected a small increase.
- The drop followed stronger spending in April and May when consumers used government tax refunds and came after a June increase that was revised to 0.2%.
- The report added to concerns that consumer spending may be cooling after earlier strength in the first half of the year.
- Sales at gas stations fell 0.9%, while online sales dropped 2.2% after Prime Day-related spending in June.
- Excluding gas stations and auto dealers, retail sales declined 0.2%; the control group used for GDP calculations fell 0.4%.
- Some categories rose, including clothing, furniture and home furnishings, building materials, and restaurants, which increased 0.5%.
U.S. retail sales fell 0.6% in July, according to Commerce Department data released Friday, marking the sharpest monthly drop since May 2025. The result was weaker than economists expected and followed a revised 0.2% increase in June.
The decline came after stronger spending in April and May, when consumers drew on government tax refunds. Analysts said the July figures raised questions about how long consumers can keep supporting the economy amid persistent inflation and elevated gasoline prices.
The weakness was concentrated in several areas. Sales at gas stations fell 0.9%, online sales dropped 2.2% after June's Prime Day-related boost, and sales at motor vehicle and parts dealers declined 1.8%. Excluding gas stations and auto dealers, retail sales slipped 0.2%, while the control group used in GDP calculations fell 0.4%.
The report was mixed overall, with gains in clothing, furniture and home furnishings, building materials, and restaurants. For markets, the data is potentially negative for U.S. consumer and retail stocks and may reinforce expectations of slower growth, while also supporting the case for easier monetary policy.
美国零售销售在夏季退税提振消退后意外大幅下滑
美国商务部周五公布的数据表明，7月零售销售下降0.6%，为2025年5月以来最大单月跌幅，且低于经济学家的预期。6月数据则被修正为增长0.2%。
这一下滑发生在4月和5月消费因政府退税而走强之后。分析人士认为，7月数据使外界重新关注在通胀持续、汽油价格偏高的背景下，消费者支撑经济增长的能力。
疲弱主要集中在几个领域。加油站销售下降0.9%，在线销售在6月Prime Day带来的提振后回落2.2%，汽车及零部件经销商销售也下降1.8%。剔除加油站和汽车经销商后，零售销售下降0.2%，用于计算GDP的控制组下降0.4%。
整体来看，报告并非全面走弱，服装、家具和家居用品、建材以及餐馆销售都有增长。对市场而言，这份数据对美国消费和零售类股票偏利空，也可能强化对增长放缓的预期，并增加外界对更宽松货币政策的押注。