Retail sales slump in July. Cheaper gas and Amazon Prime hangover are the chief culprits.

July saw a significant downturn in U.S. retail sales, marking the biggest drop in 14 months, largely driven by lower spending on gas as prices fell and a post-Amazon Prime Day lull. This suggests that while the economy remains robust, specific factors like fuel costs and online shopping trends can heavily influence retail performance. The shift indicates a temporary pullback rather than a broader economic downturn, with implications for retail strategies and consumer behavior patterns.