(https://www.marketwatch.com/story/retail-sales-slump-in-july-cheaper-gas-and-amazon-prime-hangover-are-the-chief-culprits-b9db8535?mod=mw_rss_topstories) in July for the first time in 14 months, but the headline masks what's really happening: fuel deflation pulled headline sales down while core spending on food and essentials stayed resilient. The debate is whether this signals demand destruction or just a compression in discretionary margin.

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