Retail sales unexpectedly fall in July as government tax refunds fade
Summary
Retail sales in the United States fell by 0.6% in July, marking the largest decline since May 2025. This drop followed higher spending earlier in the year, which was boosted by government tax refunds that are now fading.Key Facts
- Retail sales decreased 0.6% in July, compared to a 0.2% gain in June.
- The rise in spending in April and May was largely due to government tax refunds.
- Excluding gas stations and auto dealers, retail sales fell by 0.2% in July.
- Gas prices increased to $4.08 per gallon in July, up from $3.85 a month earlier.
- Spending dropped in categories such as consumer electronics and online shopping.
- The data does not include spending on travel and hotel stays.
- Restaurant sales, as a services category, increased by 0.5% in July.
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