US Retail Sales Beat Forecasts, Defying Calls of Weaker Consumer
- Value of purchases rose 1% in July, most since January 2023
- Figure boosted by rebound in auto sales after cyberattack
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US retail sales accelerated in July by the most since early 2023 in a broad advance that points to a resilient consumer, even in the face of high prices and borrowing costs.
The value of retail purchases, unadjusted for inflation, increased 1% in July and helped by a sharp snapback in car sales, Commerce Department data showed Thursday. Excluding autos and gasoline stations, sales were up 0.4%.