E-commerce, Auto Sales Were The Silver Lining Of Retail's Performance In July
US retail remained flat in July—a potential stumbling block for the economy. But consumer spending did increase in auto and e-commerce sales.
Retailers and restaurants brought in $457.73B in July, the Commerce Department reports. E-commerce in particular saw a 1.3% sales increase, with auto dealers closely behind with a 1.1% gain last month.
Consumer spending has been a large driver in the economy's recovery, with the strengthening of labor markets and higher wages leading to more consumption of goods and products. Economists worry as consumers cut back on spending on sporting goods, food and beverage, restaurants, bars and electronics last month, the Wall Street Journal reports.
"The July retail sales report was a disappointment," JP Morgan Chase economist Michael Feroli says. [WSJ]