Institution: Strong U.S. consumer spending dispels recession fears
U.S. retail sales spending rose 1% month-on-month to $709.7 billion in July, dispelling concerns that the economy could fall into recession. Although the slowdown in hiring caused a brief but sharp market panic last week, strong retail data showed that the impact of any contraction has not spread to consumers. "The economic slowdown is happening, but it is definitely moderate, and there is really nothing to worry about," said Jeffrey Roach, chief economist at LPL Financial.
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