Market Flux Event
US Retail Sales Post First Monthly Decline in 14 Months, Falling 0.6% in July
US retail sales fell 0.6% in July, the first monthly decline in 14 months and a sharp miss against the 0.1% gain economists had forecast. The prior month's reading was a revised 0.2% increase. Excluding autos, sales dropped 0.3%, also well below the 0.2% gain expected.
The broad-based pullback signals a notable slowdown in consumer spending after more than a year of consecutive monthly gains. S&P 500 futures were little changed in the immediate aftermath, with the benchmark index having recently set a record above 7,800.
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Sources
- FirstSquawkUS Retail Sales Unexpectedly Decline in July US retail sales fell 0.6% month-over-month in July, significantly weaker than the expected 0.1% increase and down from a revised 0.2% gain previously. The decline indicates a notable slowdown in consumer spending. Retail sales
- Seeking AlphaU.S. retail sales unexpectedly dip in July
- BarronsRetail Sales Unexpectedly Fell by 0.6% in July
- BarronsonlineRetail Sales Unexpectedly Fell by 0.6% in July
- WsjRetail Sales Fell Last Month
- MarketWatchU.S. retail sales fell in July for first time in 14 months