tangent
The Commerce Department reported Friday that retail sales dropped 0.6% in July from the prior month, the steepest drop since May 2025 and the first month-to-month decline in nine months. Economists anticipated monthly growth of 0.1%, a slight slide from 0.25% growth in July, according to FactSet. Navy Federal Credit Union chief economist Heather Long wrote in a note Friday: “American consumers are showing signs of fatigue,” adding that despite spending less on gas in July, “consumers weren’t eager to spend elsewhere.”
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key background
A conflict in the Middle East sparked higher oil and energy prices, resulting in surging consumer prices in the U.S. that appeared to persuade Americans to buy fewer goods. Inflation cooled slightly in July, according to Bureau of Labor Statistics data, as markets sought figures that would ease odds of the Federal Reserve hiking interest rates anytime soon. Fed Chair Kevin Warsh has pointed to inflation and rising consumer costs as targets for the central bank to stabilize, saying the Federal Reserve has a “resolute commitment to restoring price stability.”
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further reading
ForbesEconomic Optimism Hits Another Record Low—And Peace With Iran Likely Won’t Help, Survey SaysBy Ty Roush