Inflation outpaces wages before school season

U.S. retail sales declined by 0.6% in July, the largest drop since May 2025, reflecting reduced consumer spending as the effect of government tax refunds faded. Excluding gas and auto sales, retail sales fell 0.2%, with declines in electronics, appliances, and online shopping, while the services sector saw a slight increase in restaurant spending. Despite a small decline in inflation, prices remain higher than wage growth, posing ongoing financial challenges for consumers.

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