Retail sales increased 0.7% in July, better than expected as consumer spending is holding up

Consumer spending held up good successful July arsenic ostentation slowed, with retail income turning successful a stronger than expected showing for the month, the Commerce Department reported Tuesday.

The advanced retail income report showed a seasonally adjusted summation of 0.7% for the month, amended than the 0.4% Dow Jones estimate. Excluding autos, income roseate a robust 1%, besides against a 0.4% forecast.

As the numbers are not adjusted for inflation, they showed a user capable to support up of terms increases that person been prevalent implicit the past 2 years. The user terms scale roseate 0.2% connected the month, indicating coagulated demand.

July's numbers were boosted by a 1.9% leap successful spending astatine online retailers, portion sporting goods and related stores accrued 1.5% and nutrient work and drinking places roseate 1.4%.

On the downside, furnishings income slumped 1.8% and electronics and appliance stores reported a 1.3% drop. Gas presumption income roseate conscionable 0.4% connected the period contempt rising prices astatine the pump.

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