US retail sales slip 0.6% in July, surprising economists
Retail sales in the US slipped by 0.6% in July, surprising economists who expected a small uptick.
The drop came from lower gas prices, the fading boost of earlier tax refunds that had helped people spend more last quarter, and a payback after Amazon pulled forward its Prime Day event to June from July, with other retailers offering competing promotions.
Amazon Prime Day cut July deals
Moving Amazon's Prime Day to June meant fewer big deals in July, and other stores followed suit.
Sales fell across clothing, electronics, furniture, and building materials, but food and beverage shops actually saw a bit of growth.
Even core retail sales (excluding automobiles, gasoline, building materials and food services) dropped, hinting at a broader slowdown as shoppers become more cautious with their spending.