Retail sales slump in July

Data: Census Bureau; Chart: Neil Irwin/Axios American consumers have powered the economy forward this year. In July, they took a breather. Why it matters: While the underlying trend in consumer demand appears solid, retail sales hit an air pocket last month, suggesting a bumpier path ahead for overall growth. Combined with a weak jobs report last week and two subdued inflation readings this week, it points to the Federal Reserve having room to be patient on potential interest rate increases…