Afternoon Coffee: Economic Data Shows Drop in Import Prices, Retail Sales and Increase in Business Inventories

US import prices edged down slightly 0.1% in June, surprising economists who expected a 0.1% increase. The drop also follows a 1.2% increase in import prices in May.

Business inventories rose 0.3% in May – less than expected. However, the inventory-to-sales ratio for the month was unchanged from April at 1.36.

Consumers purchased fewer goods in June like cars and clothing, causing retail sales to drop 0.3% for the month. Car sales specifically fell 1.1%, furniture sales fell 1.6% and clothing sales dropped 1.5%.

Chinese exports increased during June 2.8% compared to a year ago, reversing a downward trend seen in May.

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