US retail sales fall amid low fuel and Amazon deals

Retail sales in the United States in July experienced a decline of 0.6%, the largest drop in 14 months, due to a decrease in fuel prices and a slowdown in online spending following Amazon's summer discounts. Despite this monthly decline, sales have increased by 5% over the year, with strong performance in sectors such as restaurants, which recorded a 0.5% rise for the fourth consecutive month. In contrast, vehicle sales declined by 1.8%, and fuel station revenues dropped by approximately 1%. The data indicate that spending on services remains strong despite rising living costs caused by inflation, supported by high consumer confidence amid falling unemployment, which helps sustain overall spending. However, tensions with Iran are expected to influence fuel prices in the future.

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