The Economics Roundup·Thu, 16 Jul

Retail data shows cautious consumers

June retail sales data landed today, and the headline number is weak, 0.2% growth, but dig deeper and consumers are still spending, just not on gas. That split tells the story of an economy where falling energy prices mask underlying resilience, but also where people are feeling the pinch. Meanwhile, the UK economy eked out 0.1% growth despite the Iran war's energy shock, and Russia's economic facade continues to crack.