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Strong US retail sales underscore economy’s resilience
by Apparel Resources News-Desk
16-August-2023 | 1 min read
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US retail sales rose in July by more than forecast, suggesting consumers still have the wherewithal to sustain the economic expansion.
Following positive adjustments in the previous two months, the value of retail purchases climbed by 0.7 per cent in July, according to Commerce Department data.
The biggest increase this year in sales was seen in non-store businesses, which includes e-commerce, and was driven by Amazon.com Inc.’s Prime Day promotion. The first day of the two-day event in July, according to the firm, was its biggest sales day ever.
According to the report, consumer demand for a number of product categories is still strong, especially when taking into account the drop in product prices from last month.