Research Brief: Retail Sales – July 2023

Consumers resilient, despite household budget headwinds. Core retail spending, which excludes vehicle and fuel sales, rose in real terms in June, even after factoring in inflation. This monthly increase indicates that above-average wage growth generated from a still-tight labor market is propping up households’ budgets during a period of record debt balances and higher interest rates. These latter factors, however, are making consumers more…

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