Retail sales fell 0.6 percent in July and shoppers are turning gloomy
US retail sales dropped 0.6 percent in July, the weakest reading in over a year, as the boost from spring tax refunds faded. The University of Michigan's August consumer sentiment survey fell about 8 percent, and one-year inflation expectations ticked up to 4.3 percent. Stocks slipped from record highs after the data. Weak spending plus rising inflation expectations is an awkward mix for an index trader, and it puts extra weight on the Fed's next signals.