Walmart CFO reveals record $709.7bn US retail sales in July, driven by essentials purchases.

Walmart CFO John David Rainey's recent statement reveals that American consumers are maintaining a focus on essentials rather than discretionary items, with retail sales in July reaching a record $709.7bn. Consumer finances remain healthy, with personal consumption accounting for 68% of GDP, and inflation cooling to 2.9% in July. However, analysts are closely examining consumer spending strength, as earnings reports from major retailers will be crucial in assessing the consumer environment.

August 18, 2024
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