US economy remains resilient as pressures gradually subside

Spending uptick: Shoppers in the Georgetown neighbourhood of Washington DC. US retail sales accelerated in July by the most since early 2023 in a broad advance that points to a resilient consumer, even in the face of high prices and borrowing costs. — Bloomberg

WASHINGTON: Brisk July retail sales along with fewer applications for unemployment benefits underscores a US economy with staying power as inflationary pressures gradually subside.

Across the Atlantic, the UK jobless rate fell and wage growth cooled, while eurozone productivity dropped for a sixth straight quarter and job growth slowed.