US Retail Sales Fell 1.1% Month On Month In July, A More Than Expected Decline

U.S. retail sales fell 1.1% month on month in July, more than the 0.3% generally expected, according to data released by the US Department of Commerce on the 17th.

Data show that in July, US auto and parts retail sales fell by 3.9% month on month, which was the main reason for the decline of overall indicators. Except for automobiles and parts, other retail sales decreased by 0.4% month on month. Among them, clothing sales decreased by 2.6%; Sales of sporting goods, musical instruments and books decreased by 1.9%; Online sales fell 3.1%. With the rise of oil prices, gas station sales rose by 2.4% month on month in July; In terms of catering, sales increased by 1.7% month on month and 38.4% year on year.

According to the data released by the University of Michigan recently, the consumer confidence index of the United States dropped sharply to 70.2 in early August after the decline in July, which was lower than the value when the epidemic broke out in April 2020 and was the lowest since 2011.

According to the US media analysis, with the rapid spread of the delta variant virus, the epidemic rebound will lead to a decline in the consumption of tourism, entertainment and other service industries in the third quarter. At the same time, the rising prices of food, clothing and toiletries will also affect the consumption of these products to a certain extent.

Economists expect U.S. personal consumption spending to grow by only 4.5% in the third quarter, significantly lower than previously expected and also lower than the 11.8% increase in the second quarter, according to a report by the economist; U.S. economic growth is expected to be 6.5% in the third quarter, lower than the previous 6.9% forecast.

(source: China News Network)