This is the US economy’s latest show of strength: Retail sales are suddenly surging
Sales at US retailers unexpectedly surged in July, the Commerce Department said Thursday, rising by a solid 1% from the prior month, up from June’s downwardly revised 0.2% decline. That trounced economists’ expectations of a 0.3% gain.
Retail sales, which are adjusted for seasonal swings but not inflation, make up a sizable chunk of overall spending. July’s reading is a boon for the US economy because the country’s economic growth hinges on Americans spending their dollars.
It is the economy’s latest show of strength in the face of several economic hurdles squeezing the US consumer.
This story is developing and will be updated.
The strong retail sales growth in July significantly boosts the business sector, indicative of a healthy economy. The positive trend in retail sales is crucial for many businesses that rely on consumer spending to thrive.
