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The survey from the Conference Board on Tuesday also showed consumers were less optimistic in their assessment of the labor market. Economic activity is cooling as the Federal Reserve aggressively tightens monetary policy to tame inflation. The U.S. central bank is expected to raise its policy rate by another 75 basis points on Wednesday, which would bring the total interest rate hikes since March to 225 basis points.

After adjusting for inflation, Wells Fargo economists estimate that real retail sales in June actually fell by 1.0 percent.

We’ve discussed how Fed-sponsored market beatings would continue until we got “clear and convincing” evidence that inflation was coming down.

WASHINGTON, July 15 (Xinhua) -- U.S. retail sales rose by 1.0 percent in June amid surging inflation, after dropping by a revised 0.1 percent in previous month, the Commerce Department said Friday in a report.

U.S. retail sales up 1.0 pct in June amid surging inflation-