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17th Jul 2025 09:03USDaily Monitor

  • The modest gains in nominal retail sales in June were boosted by price rises; sales volumes were stagnant.
  • Real consumption likely rose by just 1½% in Q2 and is on track for even slower growth in Q3.   
  • The cost of new tariffs has so far been borne entirely by US importers, rather than foreign exporters. 

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Keywords for: 18 July 2025 US Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence