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Drunken Sailors Partying Hard: US Retail Sales Jump despite Cooling Inflation in Goods that Retailers Sell
Retail sales, including at food services and drinking places, jumped 0.7% in July from June, after the upwardly revised 0.3% increase in June, and the 0.7% increase in May. Compared to a year ago, retail sales rose 3.2%, seasonally adjusted. Not adjusted, retail sales were $703 billion in July. The growth in retail sales came despite a sharp decline of inflation in the goods that retailers sell, such as motor vehicles, gasoline, electronics, etc., with some actual price declines. And it came despite the shift of spending from goods – which is what the retailers here sell – to services. This growth in July from ... (full story)