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US Retail Sales Stay Steady, Boosting Economic Optimism

June's retail sales report defies expectations of a decline, signaling resilient consumer spending despite economic pressures.

A shop holds a sidewalk sale on Feb. 10, 2023, in Providence, R.I. Small business sales growth slowed in June, 2024, as consumers took a pause on spending. (AP Photo/David Goldman, File)
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Overview

  • Retail sales in June remained unchanged, contrary to predictions of a decrease.
  • Consumer spending has been bolstered by strong online sales and home improvement purchases.
  • Lower gas prices contributed to a shift in spending towards other retail categories.
  • Rising unemployment and cautious spending habits among lower-income consumers highlight ongoing economic challenges.
  • The Federal Reserve is expected to consider rate cuts in the coming months as inflation cools.