U.S. retail market weakened month-on-month

U.S. retail sales fell 1.1% month-on-month in July, the second month-on-month decline in the past three months, far exceeding market expectations, according to data released by the Commerce Department. Retail sales in July still rose by 16% year-on-year and were above pre-epidemic levels, but the growth has slowed significantly.

In July, retail sales at apparels stores were $25.8 billion in US, down 2.6% month-on-month and up 43.4% from the same period last year. The growth rate slowed, but it was still up 15.3% from the same period before the epidemic, maintaining strong market sales.