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 drew on government tax refunds.
- Excluding gas stations and auto dealers, retail sales fell 0.2%, and the control group used in GDP calculations declined 0.4%.
- Sales fell at gas stations, motor vehicle and parts dealers, electronics and appliance stores, and online retailers, while clothing, furniture and building-supply stores rose.
- Economists said the weak report, alongside softer jobs data and lower consumer sentiment, could signal some cooling in the economy, though they said it was too early to rule out consumers entirely.
U.S. retail sales fell 0.6% in July, a sharper decline than economists expected and the biggest monthly drop since May 2025. The report from the Commerce Department showed spending cooling after a spring boost linked to government tax refunds.
The pullback was broad enough to affect the main growth measure tracked by economists. Excluding gas stations and auto dealers, retail sales fell 0.2%, while the control group used in GDP calculations dropped 0.4%.
Sales at gas stations, motor vehicle and parts dealers, electronics and appliance stores, and online retailers all weakened. By contrast, clothing and accessories stores, furniture and home furnishing stores, and building material and garden supply merchants posted gains.
The report added to recent signs of softer momentum in the U.S. economy, following weak jobs data and lower consumer sentiment. For markets, the surprise downside is mildly negative for U.S. equities tied to consumer spending and broadly suggests slower growth, while the impact on crypto and gold FX is more indirect and likely neutral unless the data shifts rate expectations further.
美国零售销售意外大幅下滑，夏季退税带来的提振消退
美国7月零售销售环比下降0.6%，降幅明显大于市场预期，也是自2025年5月以来最大的月度下滑。美国商务部的数据表明，在春季受政府退税带动的消费提振消退后，支出开始降温。
这一下滑幅度足以影响经济学家关注的主要增长指标。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%。
加油站、汽车及零部件经销商、电子和家电商店、线上零售商的销售都走弱。与此同时，服装和配饰店、家具和家居用品店、建材和园艺用品商家则录得增长。
这份报告与近期就业数据疲弱、消费者信心下降一起，显示美国经济动能可能在放缓。对市场而言，这一意外偏弱的数据对受消费支出影响的美股略偏利空，也意味着增长前景趋弱；对加密货币和黄金外汇的影响更间接，通常取决于它是否进一步改变利率预期。