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US retail sales increased by 0.5% in July, exceeding economist predictions despite a slight decrease from June's 0.9% growth. Strong consumer spending, fueled by low unemployment and improved sentiment, continues to drive the US economy, accounting for roughly 70% of economic output. While some sectors like home improvement and electronics saw declines, car dealerships, furniture stores, and online sales performed strongly. Even adjusted for inflation, retail sales showed a healthy 0.3% increase, suggesting continued economic momentum.

Prepared by Christopher Adams and reviewed by editorial team.