Well it looks like the consumer is spending comfortably. July sales beat forecasts without being so good to spike inflation fears. Call it the goldilocks report for being 100% perfect. Stock market shot up 400 points on the reporting.
Bidenomics is cranking along very nicely. Cant wait to see what Kamalanomics has in store for us.
Consumer spending held up even better than expected in July as inflation pressures showed more signs of easing, the Commerce Department reported Thursday.
Advanced retail sales accelerated 1% on the month, according to numbers that are adjusted for seasonality. Economists surveyed by Dow Jones had been looking for a 0.3% increase. Excluding auto-related items, sales increased 0.4%, also better than the 0.1% forecast.
There was also good news on the labor market front: Initial unemployment benefit claims for the week ended Aug. 10 totaled 227,000, a decrease of 7,000 from the previous week and lower than the estimate for 235,000.
Gains in sales were propelled by increases at motor vehicle and parts dealers (3.6%), electronics and appliance stores (1.6%), and food and beverage outlets (0.9%). Miscellaneous retailers saw a plunge of 2.5% while gas stations saw receipts climb just 0.1% and clothing stores were down 0.1%.
Bidenomics is cranking along very nicely. Cant wait to see what Kamalanomics has in store for us.
Consumer spending held up even better than expected in July as inflation pressures showed more signs of easing, the Commerce Department reported Thursday.
Advanced retail sales accelerated 1% on the month, according to numbers that are adjusted for seasonality. Economists surveyed by Dow Jones had been looking for a 0.3% increase. Excluding auto-related items, sales increased 0.4%, also better than the 0.1% forecast.
There was also good news on the labor market front: Initial unemployment benefit claims for the week ended Aug. 10 totaled 227,000, a decrease of 7,000 from the previous week and lower than the estimate for 235,000.
Gains in sales were propelled by increases at motor vehicle and parts dealers (3.6%), electronics and appliance stores (1.6%), and food and beverage outlets (0.9%). Miscellaneous retailers saw a plunge of 2.5% while gas stations saw receipts climb just 0.1% and clothing stores were down 0.1%.
