US Retail Sales Top Forecasts, Showcasing Consumer Resilience
- July sales rose 0.7% after upward revisions to prior months
- Broad gain included firmer sales at online, clothing retailers
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US retail sales rose in July by more than forecast, suggesting consumers still have the wherewithal to sustain the economic expansion.
The value of retail purchases increased 0.7% in July after upward revisions in the prior two months, Commerce Department data showed Tuesday. The upbeat figure reflected increases in a variety of sales categories, including sporting goods stores, clothing outlets and restaurants and bars.