Americans spent more at retail stores and restaurants in July, a sign that concerns over weakening economic growth and a persistent trade war that have 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.
Sales in a category that is mostly made up of online retailers jumped 2.8% last month, the largest increase since January. That figure was likely boosted by Amazon's Prime Day sale for its members on July 15. Online sales have soared 16% in the past 12 months, compared to a 3.4% rise for overall retail sales.
"Underlying consumption growth remains strong, which should prevent the weakness in manufacturing and business investment from dragging the U.S. economy into recession any time soon," said Michael Pearce, senior U.S. economist at Capital Economics, a forecasting firm.
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