Resilient Consumer Boosts July Retail Sales Beyond Expectations

July retail sales in the US exceeded expectations, with a 0.7% increase from the previous month, surpassing Wall Street's estimate of 0.4% growth. Sales excluding auto and gas rose by 1.0%, well above the estimated 0.3%. The report from the Commerce Department indicates that consumer spending remains resilient, with nine out of thirteen categories showing increases. However, furniture and home furniture stores experienced a decline of 1.8%, and electronics and appliance stores saw a drop of 1.3%. The positive retail sales figures contribute to the growing evidence of a strong US consumer and have economists revising their recession predictions.