U.S. shoppers sharply boosted spending at retailers in July despite higher prices
4 months, 1 week ago

U.S. shoppers sharply boosted spending at retailers in July despite higher prices

LA Times  

Americans stepped up their spending at retailers last month by the most in a year and a half, easing concerns that the economy might be weakening under the pressure of higher prices and elevated interest rates. The Commerce Department reported Thursday that retail sales jumped 1% from June to July, the biggest such increase since January 2023, after having declined slightly the previous month. The July retail sales data provided reassurance that the U.S. economy, while slowing under the pressure of high interest rates, remains resilient. And excluding gas station sales, which don’t reflect Americans’ appetite for spending, retail purchases also rose 1%. Upper-income households have Auto sales jumped 3.6% last month, the largest increase since January 2023, a sign that rising inventories of cars on dealer lots are boosting purchases.

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