US consumer caution prompts retail sales fall
From the original
https://think.ing.com/snaps/us-consumer-caution-prompts-retail-sales-fall/
Related speeches
4 itemsUS consumers remain under pressure as sentiment slides
Falling eurozone retail sales underscore the softness of household consumption
US consumer caution prompts retail sales fall
The recent decline in US retail sales, marking a 0.6% month-on-month drop in July—the weakest performance in over a year—signals growing consumer caution amidst a cooling internet sales environment post-Amazon Prime Day. According to the insights provided, high gasoline prices and a soft jobs market have contributed to this consumer hesitance, especially regarding larger purchases like automobiles. This trend could limit GDP growth significantly as retail sales constitute a substantial 41.5% of total consumer spending; the desk references this data from ING, whose Chief International Economist James Knightley provided an extensive analysis of the situation. As there are no immediate high-impact macro events on the calendar, this landscape is likely to influence trading strategies in the coming weeks.