π US retail sales unexpectedly dipped in July
US retail and food services sales saw a monthly decline of 0.6% to reach $763.6 billion, according to the Census Bureau. This dip occurred across the United States, contrasting with earlier strong gains fueled by tax refunds. For the three months ending July, total sales increased by 6.3% year-on-year, while the first seven months saw a 5% rise. Economists suggest rising household wealth from the stock market will keep consumer spending supported. However, higher gasoline costs are making households more sensitive to prices.