Washington CNN —
The backbone of America’s economy remains solid, despite a slowing job market, elevated interest rates and still-high inflation.
Sales at US retailers unexpectedly surged in July, the Commerce Department said Thursday, rising by a solid 1% from the prior month, up from June’s downwardly revised 0.2% decline. That trounced economists’ expectations of a 0.3% gain.
Retail sales, which are adjusted for seasonal swings but not inflation, make up a sizable chunk of overall spending. July’s reading is a boon for the US economy because the country’s economic growth hinges on Americans spending their
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