V i e w p o i n t | 15 Aug 2025 10:20:08 ET │ 9 pages US Economics Retail sales stronger, but spending still slowing CITI'S TAKE The pace of consumer spending has slowed materially this year. The July retail sales report (and upward revisions to June) shows a pickup in goods spending, but we expect growth of services spending to remain slower. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the ...