Retail sales pleasantly surprised us all with a 1% monthly increase in July, helping markets shake off recession fears - and underscoring signs of confidence reflected in the University of Michigan's consumer sentiment index, which climbed to 67.8 in August from 66.4 in July.
With inflation easing and the economy showing resilience, even as the labor market cools, hopes are high that the Fed's first rate cut, expected next month, will keep the U.S. economy on a path toward a soft landing.
