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Consumers Power Ahead with Healthy July Retail Gains
U.S. retail sales rose a seasonally adjusted 0.7% from June to reach $523.5 billion in July, the Commerce Department said Thursday. MarketWatch reported the federal data as evidence that consumers remain confident in the economy, despite indicators that have the stock markets uneasy.
“The U.S. consumer continues to prop up the economy, despite the building headwinds to growth from trade disruptions and signs of weakness from other industrialized nations,” senior economist Ben Ayers at Nationwide told Marketwatch.
July’s monthly gain was an even healthier 0.9% if car sales and gasoline are taken out of the equation, MarketWatch reported. The government said July’s total was up 3.4% from a year ago.
The Commerce Department revised June’s monthly gain downward from 0.4% to 0.3%. However, total sales for May through July were up 3.3% from the year-ago period, the Commerce Department said.
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- ◦Economy
