Consumer prices remained high in July but showed only a slight increase from June, a pause from months of surging prices.
The Bureau of Economic Analysis Friday released the Personal Consumption Expenditure Index data, a key marker of inflation closely watched by the U.S. Federal Reserve when it makes its interest rate decisions.
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Retail sales in the U.S. declined in July as the number of coronavirus cases spiked, localities renewed some restrictions and businesses delayed their return to in-person work.
Sales dropped 1.1% in July compared to June and totaled $617.7 billion, according to the Census Bureau report released Tuesday. The decrease was driven mainly by declining used and new car sales, clothing purchases, building materials sales, sports goods sales and furniture purchases.
Economists expected retail sales to fall 0.3%, a relatively modest drop compared to the actual decline, CNBC reported. All major stock market indices declined between 0.5% and 0.8% on Tuesday morning following the worse-than-expected report.
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