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CNN
CNN
15 Aug 2023
Bryan Mena


NextImg:US retail spending picked up sharply in July | CNN Business

Washington, DC CNN  — 

Spending at US retailers rose in July at a much faster pace than in the prior month, showing that American consumers are still powering the economy with their spending.

Retail sales, which are adjusted for seasonality but not inflation, rose 0.7% in July from the prior month, the Commerce Department reported Tuesday. That was a faster pace than the previous month’s revised 0.3% gain and above economists’ expectations of a 0.4% gain, according to Refinitiv.

The figures reflect continued resilience from US consumers in the face of higher interest rates and still-high inflation.

This story is developing and will be updated.