U.S. retail sales unexpectedly post largest drop in more than a year

U.S. retail sales unexpectedly dropped in July by the largest amount in more than a year. The unexpected contraction followed a period of consumer splurging on Amazon Prime Day sales and the World Cup.

The downturn has raised concerns among some economists regarding the overall resiliency of American consumers. Despite these concerns, consumers had previously powered the economy forward in the face of nagging inflation and soaring gasoline prices.