Americans stepped up their retail spending last month, a sign that low unemployment and modest wage gains are encouraging consumers to shop.
Americans stepped up their retail spending last month, a sign that recent worries about cautious consumers dragging on growth may have been overdone.
The report suggests that American consumers are still spending at a healthy pace, even as the stimulus from tax cuts fades. In June, the economy reached its 10th year of expansion, tying the 1990s as the longest on record. Measures of consumer confidence, after stumbling this spring amid the ongoing U.S.-China trade war, have returned to nearly 19-year highs.
"The consumer didn't fall by the wayside," David Berson, chief economist at Nationwide Financial, said."The concerns that the economy is really slipping dangerously are overstated at this point." Sales at electronics stores jumped 1.1% and rose 0.7% at auto dealers. Sales in a category that mostly includes online retailers rose 1.4%.
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