AI:U.S. retail sales have experienced an unexpected and sharp slump following the expiration of summer tax-refund spending, defying economist projections of growth. This sudden decline highlights a consumer base struggling under the weight of relentless inflationary pressures and devalued currency, exposing deep economic instability as the temporary stimulus from tax refunds fades.Open
Retail sales fell 0.6% last month, which is the largest decrease since May 2025, compared with a revised gain of 0.2% in June, according to data the Commerce Department released on Friday.
Data: Census Bureau ; Chart: Neil Irwin/Axios American consumers have powered the economy forward this year. In July, they took a breather. Why it matters: While the underlying trend in consumer demand appears solid, retail sales hit an air pocket last month, suggesting a bumpier path ahead for overall growth. - Combined with a weak jobs report last week and two subdued inflation readings this week, it points to the Federal Reserve having room to be patient on potential interest rate increases this fall. Driving the news: Retail sales fell 0.6% in July, the weakest performance in more than a year and well below the 0.1% gain analysts expected. - Excluding gas stations and auto dealers, there was still a 0.3% decline in sales, meaning…
Smoke rises as firefighters work to extinguish a fire at a logistics hub of Russian retailer Wildberries following a Ukrainian drone attack in Russia’s Ryazan region, July 29 [Handout/Ukraine Online Telegram Channel via Anadolu] Published [...]
Walmart, Target and TJ Maxx reported increases in sales, but shoppers are seeking out low-price items and cutting back in some categories, a potentially worrying sign for the U.S. economy.
Amazon said it will offer US-based employees 90 days to find a new role internally and that transition support, including severance, would be provided.