US retail sales weakest in over a year, consumer sentiment plunges
WASHINGTON — U.S. retail sales gave their weakest showing in more than a year and consumer sentiment plunged, data showed Friday, as households battered by fallout from President Donald Trump's Iran war curbed spending and raised their expectations of inflation. Total U.S. retail sales were down 0.6 percent in July from the previous month, at $763.6 billion, said the Department of Commerce. A new…
U.S. retail sales reached their weakest level in over a year, while consumer sentiment experienced a significant decline, according to data released on Friday. The Department of Commerce reported a 0.6 percent decrease in total U.S. retail sales in July, amounting to $763.6 billion compared to the previous month. Simultaneously, the University of Michigan's consumer sentiment survey revealed that confidence plummeted by approximately eight percent in August, marking a reversal of two months of progress.
The ongoing war between the United States and Israel, which began on February 28, has had far-reaching consequences for the Middle East and global energy markets. The conflict has resulted in skyrocketing energy prices, primarily due to Tehran's retaliatory attacks on Washington's Gulf allies and the disruption of a fifth of the world's oil and gas supplies.
These rising energy costs have contributed to an already elevated inflation rate, surpassing the U.S. Federal Reserve's long-term two-percent target. The surge in inflation has disproportionately affected American households that have been struggling under years of high prices. Expectations for inflation over the next year have also risen, from 4.2 percent in July to 4.3 percent.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- US retail sales weakest in over a year, consumer sentiment plunges koreatimes.co.kr
