Consumer Behavior

July retail sales boast healthy increases

Adobe Stock

August 24, 2023

Retail sales increased 0.7% in July and core retail sales jumped 1%, according to Commerce Department data.

The data also revealed consumers are buying big on sporting goods, hobbies and clothing and the consumer activity may suggest the economy will continue to expand and stave off recession, according to a Reuters report.

"The report dispels any lingering recession fears and shows how the healthy labor market is paying dividends for consumers," David Russell, vice president of market intelligence at TradeStation, told Reuters. "There's a danger that today's good news for Main Street will become bad news for Wall Street."