Separately, retail sales rose 0.5% MoM versus the 0.6% consensus forecasts, but June’s growth rate was revised up to 0.9% from 0.6% initially reported. The details show autos rose 1.6% with furniture sales up 1.4% and non-store retail (boosted by Amazon Prime Day sales) up 0.8% with clothing up 0.7%. Electronics sales fell for a third consecutive month though (this time by 0.6%), building materials were down 1%, miscellaneous dropped 1.7% and eating, drinking out fell 0.4%. So it is a very mixed performance among the sectors.<\/p>\n
Retail sales accounts for just over 40% of total consumer spending and here there has been an overall cooling, which is in line with weaker consumer sentiment readings. Concern about tariff-induced price hikes and worries about the prospect for the jobs market do appear to be causing a slowing in spending growth, but there is little sign of any recession threat right now.<\/p>\n","protected":false},"excerpt":{"rendered":"Separately, retail sales rose 0.5% MoM versus the 0.6% consensus forecasts, but June’s growth rate was revised up…\n","protected":false},"author":2,"featured_media":86166,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,112],"class_list":["post-86165","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/86165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=86165"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/86165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/86166"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=86165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=86165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=86165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}