Evolution VC Partners founder Gregg Smith discusses volatility in the markets and the impact it will have on retail investors.
Spending at retail stores stalled out in July as Americans spent less on gasoline as prices dropped and instead turned to online shopping.
Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, was flat at 0% in July, unchanged from the prior month, the Commerce Department said Wednesday. Economists surveyed by Refinitiv expected sales to rise 0.1%.
It marked a major decline from an increase of 0.8% in June, which was downwardly revised from the initial report of a 1% uptick.
The July advance is not adjusted for inflation, meaning that consumers may be spending the same but getting less bang for their buck. When taking inflation into consideration, retail sales would likely show a modest but steady decline in recent months.
When excluding spending on autos and gasoline stations, sales actually increased 0.7% in July. Internet sales surged 2.7%, boosted by Amazon Prime Day.
This is a developing story. Please check back for updates..
