US Retail Sales Up Solidly in Sign of Consumer Optimism
(Worthy News) – Americans spent more at retail stores and restaurants in July, a sign that concerns over weakening economic growth and a persistent trade war that has roiled financial markets have yet to dampen consumer confidence.
Retail sales rose a healthy 0.7% last month after a 0.3% gain in June, the Commerce Department said Thursday. Online retailers, grocery stores, clothing retailers and electronics, and appliance stores all reported strong gains.
Consumer spending, the primary driver of the U.S. economy, appears healthy even as other sectors of the economy, such as business investment, have weakened amid growing uncertainty over the U.S.-China trade conflict. Job growth is steady, the unemployment rate is near a 50-year low, and wages are rising modestly, which bolsters Americans’ spending power. [ Source: VOA News (Read More…) ]
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