US retail sales grew by 0.2% month-on-month, less than the anticipated 0.6%. Excluding auto sales, growth was 0.3%, while sales excluding both gas and autos rose by 0.5%. This disappointing data suggests the US consumer is losing strength, which could complicate the Federal Reserve's monetary policy decisions amidst trade-related inflation concerns. Experts express that the combination of weak retail sales and declining consumer confidence signals a challenging outlook for both consumers and the economy, raising questions about potential interest rate adjustments.
US trade policy has dominated the news and had an unsettling effect on global financial markets.
With sentiment so poor, investors will have been hoping the mighty US consumer provides reassurance that all is well on Main Street.
The hard data looks weak, and forward-looking data, like consumer and business confidence surveys, show conditions are deteriorating.
The key question is whether the recent data is weak enough to warrant additional interest rate cuts from the Federal Reserve.
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