US retail spending falls in July; higher prices bite

Summary:  US retail sales fall by 1.1% in July; fall larger than expected -0.2%; weakness likely reflects shift in consumption patterns, higher goods prices, Delta spread; falls in majority of retail categories; “vehicles and parts” the largest single influence, falls 3.9%. US retail sales had been trending up since late 2015 but, commencing in late 2018, a series of weak or negative monthly results led to a drop-off in the...

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