Americans increased their purchases at retailers last month – for clothing, dining out, sporting goods and other areas – in a sign that solid consumer spending is still powering a resilient U.S. economy.
“Maybe it’s a one-off, but Americans put aside their penny-pinching ways and spent big on food and fun in July,” said Robert Frick, corporate economist with Navy Federal Credit Union, in a note published Tuesday.
Still, the uptick reflects the economy’s resiliency despite a still challenging economic environment of still high prices and higher interest rates that make borrowing on credit cards and getting a mortgage for a home more expensive. Yet spending has been volatile this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in April and May.Inflation in the United Statesafter 12 straight months of declines.
A slew of earnings results from big companies like Walmart, Target and Macy’s this week and next should offer some more clues on shoppers’ mindset and how they will manage inflation and higher interest rates in the latter half of the year including the critical holiday season. Despite the stronger-than-expected sales figures, Home Depot stuck to previous guidance for the year, seeing sales decline between 2% and 5%, after lowering its forecast in the last quarter.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India's retail inflation hits 15-month high on food pricesIndia's annual retail inflation in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed, beating all market expectations and putting pressure on the government to take action to bring down prices.
Read more »
Inflation forcing Americans to spend $709 more per month than 2 years ago: economistAmericans spent $709 more on everyday goods in July than they did at that point in 2021, according to a new analysis from Moody's Analytics.
Read more »
Inflation forcing Americans to spend $709 a month more than they did 2 years ago: economistMoody’s chief economist Mark Zandi analyzed July’s CPI in a series of tweets, noting that inflation is forcing Americans to spend $709 more monthly on everyday goods and services than t…
Read more »
USD/CHF remains range-bound around 0.8770 ahead of Swiss data, US Retail SalesThe USD/CHF pair remains range-bound around 0.8770 during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the va
Read more »
USD/CAD holds ground near the 1.3440 mark, eyes on Canadian CPI, US Retail SalesThe USD/CAD pair trades with a mild negative bias below mid-1.3400s during the early Asian session on Monday. The Greenback extends it upside for the
Read more »