While we’ve been eagerly waiting for a rate cut, several sectors have been hit harder than others. Retail sales are very closely watched each month as they are a strong indicator of the economy. The retail sales in June saw a 2.3% year-over-year increase while they jumped only 1% year-over-year in July. The rising prices have led to a drop in consumer spending. Despite these numbers, several retail companies have reported impressive second-quarter results and are optimistic about the rest of the year.
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