U.S. July Retail Sales Post Sharpest Drop in Over a Year

Data released by the U.S. Census Bureau on August 16 showed that U.S. retail sales, unadjusted for inflation, fell 0.6% month-over-month in July 2024—the largest single-month decline since March 2023. Excluding auto and gasoline sales, retail sales dropped 0.2%. The data indicated that consumers reduced spending on automobiles and online purchases that month.