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Institution: Strong consumer spending in the United States has alleviated concerns about an economic recession.
Golden Ten Data on August 15, United States retail sales spending in July rose 1% month-on-month to $709.7 billion, dispelling fears that the economy may fall into a recession. While the slowdown in hiring sparked a brief but intense market panic last week, the strong retail sales data suggests that the impact of any contraction has not rippled through consumers. Jeffrey Roach, chief economist at LPL Financial, said: “The slowdown is happening, but it’s definitely in moderation and there’s really nothing to worry about.”