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Weak retail sales dim Fed rate hike prospect

This moderation in US consumer spending could temper expectations of sped-up growth in the third quarter

DISCRETIONARY SPENDING DOWN: Sales of clothing, sporting goods, garden equipment and electronics and takings at restaurants and bars were flat in July.


RETAIL sales in the US were unexpectedly flat last month, as Americans cut back on purchases of clothing and other goods, pointing to a moderation in consumer spending that could temper expectations of an acceleration in economic growth in the third quarter.

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