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 experienced their weakest performance in over a year in July, with a decline of 0.6 percent to $763.6 billion, according to data released by the Department of Commerce. Simultaneously, consumer sentiment plunged, with a significant drop of around eight percent in the latest University of Michigan survey, indicating a significant decrease in confidence from the previous two months of gains.
The conflict between the United States and Iran, which began on February 28, has had severe repercussions, including a surge in energy prices due to Tehran's retaliation against U.S. Gulf allies and a disruption of approximately one-fifth of the world's oil and gas supplies. This escalation has contributed to a sharp increase in inflation, which is already well above the Federal Reserve's target of two percent.
Consequently, American households have been significantly impacted, especially as they grapple with years of high prices and now face higher expectations for inflation in the coming year, which have increased from 4.2 percent in July to 4.3 percent.
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