Sales at U.S. retailers fell flat in July, but largely because of falling gas prices and fewer purchases of new cars and trucks. Sales were stronger at other retailers, especially online stores such as Amazon.
The numbers: Sales at U.S. retailers fell flat in July, but largely because of cheaper gasoline and fewer purchases of new cars and trucks. Sales were stronger at other businesses, a good sign for the economy that might help ease recession worries.
inflation did not play as big a role as in previous months. The cost of living was unchanged in July for the first time since May 2020, just two months after the start of the coronavirus pandemic.Big picture: Retailers have struggled to maintain momentum after a big rebound in 2021. High inflation has made shoppers more selective and consumers have shifted spending from goods to services such as travel and dining out.
Prices continued to decline in August toward $4 a gallon in another break for U.S. households, giving them a bit more money to spend on other goods and services. It’s good for consumers and the economy when they have to spend less on fuel.
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