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2026-07-17 18:48:12
[US Retail Sales Data Misses Expectations, Consumption Remains Resilient After Excluding Energy] ⑴ The US Commerce Department reported on Thursday that June retail sales rose approximately 0.2% month-over-month, a significant drop from May and below market expectations, although the World Cup and e-commerce promotions provided temporary support for some categories. ⑵ Lower gasoline prices dragged down nominal retail sales, but excluding gas station sales, June's consumption growth rose to approximately 0.7%, indicating that the suppressive effect of high oil prices on end-user spending is easing. ⑶ Retail sales, excluding volatile items such as building materials and gasoline, grew by approximately 0.5%, slightly higher than market forecasts, indicating that after removing short-term disturbances, actual consumer spending momentum remains moderately expanding. ⑷ Morgan Stanley's chief economist pointed out that the labor market has not yet shown significant cracks, and the foundation of consumer spending remains solid. Such data is insufficient to change the Federal Reserve's policy stance, but it highlights the underlying resilience of the US economy.
