Retail sales disappointed in June, growing only 0.2% m/m compared to expectations of 0.5%. The data from the Census Bureau showed that there were strong gains in e-commerce sales and losses in gasoline.
For overall retail sales, the year-over-year rate peaked in June 2022 at 10.3% and is now only at 1.5%, a fraction of the long-term average of 6%. Consumers are slowing.
Manufacturing industrial production also slid, dropping -0.3% m/m. Given shrinking industrial production and other factors, it's fair to say that manufacturing is in recession.
Read more about retail, manufacturing, and the Federal Reserve's next meeting in our Chief Economist's latest report:
To read Dan's full report, click on the link below and download the PDF
Get Even More Insight to Help Protect Your Business
Download Our Podcast Today!
"Wheel of Risk" is a brand new podcast – brought to you by Allianz Trade – designed to help you keep your business safe, secure, and well ahead of the competition.
Every episode, host Alix McCabe talks to business leaders and experts who’ve faced, and overcome, real trade-related challenges to keep their businesses alive and thriving. They know what it means to truly protect their organizations and themselves. They learned the hard way, so you don’t have to.
So go ahead – spin the wheel – we’ve got you covered!
