US retail sales increased in July, as consumer confidence remained strong despite fears over the escalating trade war.
Total purchases— excluding automobiles, gasoline and restaurants — rose 0.9% compared with June sales and 5.6% year on year, according to data the National Retail Federation (NRF) reported, citing the US Census Bureau. Online and other non-store sales climbed 19% year on year, the NRF noted.
“July’s strong results are consistent with a confident consumer,” NRF chief economist Jack Kleinhenz said last week. “Households are in good shape with spending and that should continue as long as the labor market remains healthy.”
Read more about US consumer spending amid the trade war on the Rapaport website online HERE