Retail sales in July increased by 0.5%, showing resilience among consumers despite Trump's tariffs affecting job security and prices. Analysts noted that the significant increase in auto sales by 1.6% suggests consumers are acting to buy ahead of anticipated price hikes. Excluding auto sales, retail sales still rose by 0.3%. Although spending in clothing and home furnishings was strong, electronics and restaurant sales declined, reflecting budget-conscious behavior as many consumers opted to dine at home.
Shoppers demonstrated a notable increase in spending by 0.5% in July, particularly among auto dealerships, indicating resilience despite rising tariffs and associated price hikes.
The solid retail sales figures, particularly a 1.6% increase in auto sales, suggest consumers began purchasing goods proactively in anticipation of rising prices due to tariffs.
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