U.S. retail sales increased solidly in July, supported by strong demand for motor vehicles as well as promotions by Amazon.com and Walmart, though a softening labor market and higher goods prices could curb consumer spending growth in the third quarter.

Shoppers spent at a healthy pace in July, particularly at the nation’s auto dealerships, as they shrug off President Donald Trump's tariffs, which are starting to take a toll on jobs and lead to some price increases.

M/M to $726.3B vs. +0.6% consensus and +0.9% prior (revised from +0.6%), according to data released by the U.S. Census Bureau on Friday.