News Item
WASHINGTON—American shoppers gave the U.S. economy a solid boost in July, a counter to weakness in the manufactur-ing sector and Wall Street jitters about faltering growth.
Retail sales, a measure of purchases at stores, restaurants and online, climbed a seasonally adjusted 0.7% in July from a month earlier, the Commerce Department said Thursday.
The robust report—the strong-est reading since March and a sign that American consumers remain a source of fuel for the economy—is a positive signal for the U.S. amid warning signs of a global economic slowdown. U.S. stocks stabilized after release of the sales figures.
Tax cuts, job and wage increases, as always, combine to boost the economy.