While weak consumption data earlier in the year was attributed to seasonality and weather related factors, the latest dip in spending underlines the consumer recovery theme pushed by policymakers is not coming to fruition. Although the savings rate has not jumped tremendously, weaker spending is likely the outcome of Obamacare and unrelated to seasonal factors. Regular retail sales tumbled -0.30% versus the 1.00% recorded in the prior month, well below expectations of 0.20% expansion. The core retail sales figure followed a similar trend with the number sinking a modest -0.10% compared to the 0.80% print from May. This marked the biggest month over month drop in retail sales since February as analysts revise expectations for a second half consumer recovery after data showed drops in all categories across the board. Nevertheless, equity markets remain unfazed by the developments with the Nasdaq leading the pack higher during the US cash equity session.