08/15/2024

Retail Sales Boost Casts Aside Recession Fears

They rose 1 percent in July, reversing a June slowdown

Americans are still spending big — on cars, appliances and furniture — in a surprise burst of activity that is propelling the U.S. economy and helping shake off fears of an impending downturn.

Retail sales rose 1 percent in July, reversing a June slowdown and marking the largest jump in more than two years, according to Commerce Department data released Thursday. Car sales were particularly brisk, after a cyberattack disrupted purchases the previous month. There were gains across the board at restaurants and bars, as well as stores that sell groceries, electronics, furniture and health goods.

Earlier in the day, Walmart, the country’s largest retailer, reported stronger-than-expected earnings and lifted its forecasts for the rest of the year, citing continued consumer resilience.

Please select this link to read the complete article from The Washington Post.