US retail sales in July exceeded expectations, easing concerns about economic slowdown

On August 15th, Jinshi data reported that US retail sales in July rose more than expected, which may help alleviate concerns in the financial markets about the sharp economic slowdown, which had been exacerbated by the surge in the unemployment rate. The data released shows that retail sales rose by 1.0% last month, with the retail sales for June being revised down to a drop of 0.2%. The lack of signs of a collapse in demand may prompt the financial markets to drop their expectations of a 50 basis point rate cut next month. With moderate inflation in July, the possibility of a 25 basis point rate cut remains high.