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Delta warning sign: Retail sales dipped more than expected in July
CNN
Americans shopped less than expected last month as the Delta variant swept across the country, fueling concerns that the pandemic might once again weigh on consumer spending and the economic recovery.
Sales declined by 1.1% in July adjusted for seasonal swings, the Census Bureau showed Tuesday. It was a steeper decline than the 0.3% economists surveyed by Refinitiv had predicted. It was also the second decline in three months, suggesting that the pent-up demand that fueled the recovery in the winter and spring spring may have evened out. Meanwhile, other economic data is hinting that the Delta variant might be giving consumers pause. Last week, preliminary data from the University of Michigan showed consumer sentiment plunged in August, dropping to the lowest level since December 2011.More Related News