The data that determines the change in the value of sales at the retail level, retail sales, has been announced. The data, which was expected to be 0.5% monthly, came in at 0.2%, falling below expectations. On an annual basis, the data, which was expected to be 1.60%, came in at 1.49%, also falling below expectations.
Meanwhile, the data on core retail sales has also been announced. Core retail sales, which neglect the automatic sales components derived from retail sales, came in at 0.2%, falling below expectations.
The retail sales data is the most important indicator of consumer spending, which constitutes a significant part of overall economic activity. The decline in consumer spending could be a “pause signal” for the Fed, which is intensely struggling to reduce inflation. Therefore, an increase in volatility in the markets can be expected after the announcement of the data.
The largest cryptocurrency, Bitcoin, is trading below the critical level of $30,000 with a 0.75% decrease in the last 24 hours, at $29,875. Ethereum (ETH), on the other hand, changed hands at $1,891 with a 0.57% decrease in the same time period.
According to the altcoin list of CoinMarketCap, the leading gainer of the day is Sui (SUI), which increased by 7.81% and is trading at $0.7371. It is followed by Uniswap (UNI), which increased by 5.06% and is trading at $6.11, and XDC Network (XDC), which increased by 4.92% and is trading at $0.03475. On the other hand, the top loser in the altcoin list is 1inch Network (1INCH), which decreased by 14.46% and is trading at $0.3747. It is followed by Terra Classic (LUNC), which decreased by 7.96% and is trading at $0.00008703, and Solana (SOL), which decreased by 6.79% and is trading at $25.09.