Retail sales increased by 0.5% in July, reflecting resilience amidst President Trump's tariffs, which are affecting jobs and prices. This follows two months of declining sales. Excluding volatile auto sales, retail sales grew by 0.3%. Auto sales surged 1.6%, suggesting normalization after earlier spikes. Spending also rose in clothing and online sectors, while electronics and restaurant sales saw declines. Rising prices and slowing hiring linked to tariffs raise concerns about economic outlook, with only 73,000 jobs added in July, below expectations.
Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, as they shrug off President Donald Trump's tariffs, which are starting to take a toll on jobs and lead to some price increases.
Retail sales rose 0.5% last month, a slowdown from a revised 0.9% in June, which was revised upward, according to the Commerce Department's report released Friday.
Excluding auto sales, which have been volatile since Trump imposed tariffs on many foreign-made cars, retail sales rose 0.3%.
Still spending appears to be holding up even as Trump's tariffs are resulting in a slowdown in hiring and rising prices for shoppers.
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