🇺🇸❗️Cable FX Macro Weekly Note: U.S. July Retail Sales

**As seen in Risk In The Week report 08/12/23, subscribe at cablefxm.co.uk/reports

U.S. June retail sales rose by 0.2% M/m, the metric came below the consensus median of 0.5%, the prior figure had seen a rise of 0.5%. The control group sales rose by 0.6% M/m vs economists’ expectations of 0.3%. Department stores saw the largest decline on the month at -2.4%, and non-store retailers’ sales accelerated to 1.9%. The desk at Wells Fargo said auto sales held back the headline in July following three consecutive months of strength in the component, they added that activity has been mixed. Wells Fargo noted that goods CPI was down 0.1% in July, and falling goods prices provided some relief to consumers, this is likely to filter into a stronger retail volume vs the prior month.