Americans are still spending, but they're spending smart
CNN
In this Jekyll and Hyde economy, Dr. Jekyll is winning this week. (Hint. He's the good guy.)
July's retail sales data from the Census Bureau added to a picture emerging of an American consumer still spending even amid biting inflation and lousy sentiment. July retail sales were unchanged from June, but retail sales excluding autos and gasoline rose a healthy 0.7%.
"In one line: If you're looking for recession, you won't find it here," wrote Ian Shepherdson of Pantheon Macroeconomics in a note to clients. "The July retail sales report made it clear that the U.S. consumer is rather more willing to spend than you might expect if you spend much time wallowing in the misery of the recession-obsessed media," he said.
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