Some good news to offset the fear of the yield curve going inverted: U.S. consumers spent more at retail stores and restaurants in July, the Commerce Department said yesterday. Retail sales rose a healthy 0.7 percent last month, following a 0.3 percent gain in June. Online retailers, grocery stores, clothing retailers and electronics and appliance stores all reported strong gains.
Sales soared 2.8 percent at internet retailers, a gain that may have been tied to Amazon Prime Day and competing sales from rivals. But it wasn’t just internet retailers: Sales also rose sharply at department stores, restaurants and electronics outlets.
Some other risers: Grocery and beverage stores were up 4 percent year-over-year; general merchandise stores were up 2.1 percent; and furniture and home furnishings stores were up 2 percent.
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