Despite a year or retailers suffering or going bankrupt, consumers came out strong in July. Retail sales increased by 0.6% in the month. The takeaway is that Americans are feeling better about spending, but they’re choosier about where they do it.
At the Wall Street Journal, Josh Mitchell and Sarah Chaney write that internet sales drove the increase.
Sales over the internet drove last month’s increase, with spending at nonstore retailers growing 1.3%, the most since December. One big factor: Amazon’s Prime Day, a popular day of discounts at the site.
Other retailers also posted strong gains. Car sales jumped 1.2%, as did spending on building materials and garden equipment. Sales at furniture outlets, grocery stores, restaurants and department stores all rose healthily.
Read more here.
Latest posts by Dick Young (see all)
- My Concentration Is on Full Faith & Credit Pledge U.S. Treasuries - November 20, 2018
- Are You About to Retire Broke? - November 16, 2018
- The Historical Primacy of Dividends - November 14, 2018