Retail Sales Dip as Consumer Fatigue Sets In | Business and Finance News

US retail sales took a sharp dive in July, plunging 0.6%—worse than expected and the steepest drop since May 2023. Even excluding gas station sales, spending still fell, signaling consumer fatigue. After months of resilience, shoppers are pulling back amid fading tax refunds, rising energy costs, and a gloomy economic outlook. Online sales dropped 2.2%, car dealerships fell 2%, while restaurants saw the only gain at +0.5%. This slowdown could pressure the Fed to pause rate hikes, potentially boosting markets if the trend continues. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/29049281854ffdb5