Americans slashed spending in July—the biggest drop in over a year—with retail sales falling 0.6%, signaling a cooling economy after a strong first half. Rising prices and dwindling tax refunds are forcing consumers to tighten their belts, hitting gas stations, online shopping, and car sales—though restaurants saw a small uptick. Economists are recalibrating growth forecasts as shoppers grow more cautious. Retailers are pushing back-to-school deals and staycations to lure buyers, but the real test will be whether this trend holds through the holidays.
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