WASHINGTON (Reuters) -U.S. retail sales increased solidly in July, boosted by strong demand for motor vehicles as well as promotions by Amazon and Walmart, though a softening labor market and higher goods prices could curb growth in consumer spending in the third quarter.
Retail sales rose 0.5% last month after an upwardly revised 0.9% gain in June, the Commerce Department’s Census Bureau said on Friday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, advancing 0.5% after a previously reported 0.6% rise in June. Part of the rise in retail sales last month could be due to tariff-driven price increases rather than volumes.
A rush to buy battery-powered electric vehicles ahead of the September 30 expiration of federal govern