American consumers cut back on spending amid war
Retail sales in the United States declined by 0.6% in July, marking the largest drop since May 2025. The decline was particularly notable in fuel station sales, which fell by 0.9%. This decrease is attributed to a reduction in consumer spending following the fading effect of tax refunds and rising energy prices, leading to a core demand decline of 0.44%, below expectations. The market also experienced a decline in job opportunities, with 23,000 jobs being eliminated, despite the unemployment rate remaining low at 4.1%. This situation threatens the continued strength of consumer spending and economic growth.
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