U.S. retail sales surged in July as consumers bought a range of goods even as th...
WASHINGTON - U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, helping to assuage financial market fears that the economy was heading into recession.
Trump’s “America First” policies, which have led the United States into a bitter trade war with China, have been blamed for threatening to derail the longest U.S. economic expansion in history and unleash a global recession. Excluding automobiles, gasoline, building materials and food services, retail sales jumped 1.0% last month after advancing by 0.7% in June. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Solid consumer spending is blunting some of the hit on the economy from the downturn in manufacturing, which is underscored by weak business investment. There are, however, red flags for the labor market coming from manufacturing.
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