US retail sales slump 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 economists had expected a small increase.
- June retail sales were revised to a 0.2% gain, and July's drop followed stronger spending in April and May when consumers were helped by tax refunds.
- Excluding gas stations and auto dealers, retail sales fell 0.2%, while the control-group measure used for GDP calculations declined 0.4%.
- Online sales dropped 2.2% after being lifted in June by Amazon's Prime Day event, and sales at motor vehicle and parts dealers fell 1.8%.
- The report added to concerns that consumers may be losing momentum, though some economists said it was too early to conclude that households were pulling back broadly.
U.S. retail sales fell unexpectedly in July, dropping 0.6% from the previous month after stronger spending earlier in the year was helped by tax refunds. The decline was the largest monthly fall since May 2025 and came in below economists' expectations.
The Commerce Department report showed weaker spending across several areas. Sales at gas stations and auto dealers were down, online sales fell sharply after June's Prime Day boost, and the GDP-linked control group also declined. Some categories, including clothing, furniture and building materials, posted gains.
The data raised concerns about consumer durability at a time when inflation and fuel costs remain a drag. For markets, the report is mildly negative for U.S. consumer and retail stocks, while the growth slowdown could be neutral to slightly supportive for rate-cut expectations.
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月零售销售意外下滑，环比下降0.6%。此前上半年的消费一度受到退税提振，这次回落幅度也大于经济学家预期，是2025年5月以来最大的月度降幅。
美国商务部数据显示，多项消费领域走弱。加油站和汽车经销商销售下降，在线销售在6月Prime Day带动后明显回落，用于计算GDP的控制组也出现下降。不过，服装、家具和建材等少数类别录得增长。
这份报告加剧了外界对消费者韧性的担忧，背景是通胀和燃油成本仍对支出形成压力。对市场而言，这对美国消费和零售类股票偏利空，而增长放缓对降息预期则可能是中性到略偏利好。