The numbers: Sales at U.S. retailers such as Amazon and Best Buy posted the biggest increase in July in four months, a sign Americans are still confident in the economy even as headwinds pick up.
Sales rose an even stronger 0.9% if auto dealers and gasoline stations are omitted. Car and fuel purchases sometimes distort broader retail trends.What happened: Sales soared 2.8% at Internet retailers, a gain that may have been tied to Amazon Prime Day and competing sales from rivals. A spike in oil prices boosted sales at gas stations by 1.8%, but price at the pump began to recede in August. Retail sales were strong even if gas stations are set aside.
The saving grace for the economy is a roaring labor market and low unemployment rate that’s given households enough confidence to spend at levels sufficient to keep the U.S. out of recession.Read: Trump delays tariffs on Chinese-made laptops, iPhones until after Christmas
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