US retail sales fell 0.6% in July from the prior month, the Commerce Department said Friday, down from June’s 0.2% and well below the 0.1% gain that economists projected in a poll by data firm FactSet.

Economic Trends

Retail spending has trended lower since the spring as the boost from bigger tax returns faded and higher energy prices took a bite out of people’s paychecks. Americans’ attitudes toward the economy have also been down due to wartime price spikes.

In July, employers shed 23,000 jobs and the pool of available workers shrank to its lowest level since 1967, outside of the pandemic, according to government data. Economists, however, say it’s too soon to conclude the job market is crumbling, with unemployment remaining historically low.

Original reporting: El Paso News (HLL/CB) — read the source article.