Article | August 16, 2023

by Horty & Horty, P.A.

The article highlights the strong spending appetite of American consumers in July, with retail and food services sales surpassing expectations. Total sales rose 0.7% on the month, significantly higher than the forecasted 0.4%. The control group, which plays a crucial role in the gross domestic product, experienced an even larger surprise with a 1% growth on a month-ago basis. The data suggests that July’s retail sales will contribute significantly to GDP growth in the third quarter. The article also mentions the impact of Prime Day on the robust sales, with non-store sales growing by 1.9%. However, concerns are raised about a potential slowdown once the back-to-school season ends. Despite these concerns, American consumers have remained resilient, and the probability of a soft landing in the economy seems higher. To learn more about the robust spending of American consumers in July and its implications, click the link below.

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