Retail sales increased 0.7% in July, better than expected as consumer spending is holding up

Consumer spending held up well in July as inflation slowed, with retail sales turning in a stronger than expected showing for the month, the Commerce Department reported Tuesday.

The

showed a seasonally adjusted increase of 0.7% for the month, better than the 0.4% Dow Jones estimate. Excluding autos, sales rose a robust 1%, also against a 0.4% forecast. Both readings were the best monthly gains since January.

As the…