Retail Sales Rose Solidly Last Month
August 15, 2023 12:36PM CDT
Credit: MGN
NEW YORK (AP) — Americans increased their purchases at retailers last month – for clothing, dining out, sporting goods and other areas – in a sign that solid consumer spending is still powering a resilient U.S. economy.
Retail sales rose a better-than-expected 0.7% in July from June, according to the Commerce Department’s report Tuesday.
The gain followed a revised 0.3% gain the previous month.
Excluding autos and gas, sales rose a solid 1%.
Sales at a number of different outlets increased.
Department stores posted a 0.9% increase, while clothing and accessories stores had a 1% gain.
Sales at sporting goods stores and hobby stores rose 1.5%.
But furniture and home furnishings stores and electronics stores remained weak, registering declines.
