Retail sales unchanged in June from May, underscoring shoppers' resilience
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Retail sales in the US were unchanged in June from May, after being revised upward to a 0.3% increase in May, according to the Commerce Department report. Sales at gas stations and auto dealerships weighed down the figure, while online sales rose 1.9% and clothing and accessories store sales rose 0.6%. Department stores posted a 0.6% increase. Control retail sales, which excludes certain categories, rose a solid 0.9% in the month. The report suggests that consumers are still spending, driven by positive real income growth and employment. However, retailers are still seeing value-conscious consumers who are trading down and using credit cards to maintain consumption. Inflation declined 0.1% from May to June, and the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target. The report comes as there has been some upheaval in the retail landscape, with Saks Fifth Avenue agreeing to buy upscale rival Neiman Marcus Group and Macy's terminating its buyout talks with two investment firms.

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https://apnews.com/article/retail-sales-july-inflation-economy-268b1edeb99a1320ad0b084d58bfeeef