U.S. retail sales saw a moderate increase in July, rising by 0.5 per cent to reach $726.3 billion, which was in line with analyst expectations.
The growth was primarily driven by sales of vehicles and furniture, which helped to offset declines in electronics and building materials.
The report indicates a partial recovery in consumer confidence, which had previously declined following President Donald Trump’s plans for widespread tariffs.
Credit: Reuters
Although some of those tariffs have since been eased, a separate report this week showed a larger increase in wholesale prices, leading some analysts to warn that those costs could soon be passed on to consumers.
