08/15/2023

Retail Sales Rose Solidly in July

Consumers continue to spend freely

Americans increased their purchases at retailers last month – for clothing, dining out, online goods and other areas – in a sign that solid consumer spending is still powering a resilient U.S. economy.

Retail sales rose a better-than-expected 0.7 percent in July from June, according to the Commerce Department's report Tuesday. The gain was higher than a revised 0.3 percent increase the previous month and marked four straight months of increases. The figure also surpassed the 0.2 percent increase in consumer prices last month, indicating that shoppers are spending at a healthy pace.

Analysts noted that spending on Amazon Prime Day, the online juggernaut's big two-day sales event that took place earlier last month, also helped boost online sales.

Please select this link to read the complete article from The Associated Press.