A Bit of Good News in Retail Sales, A.K.A. it Could Have Been Worse

Retail sales posted a modest gain in July and consumer prices advanced as well, delivering some much-needed statistical counterpoints to the deflation-is-fate argument of late. But closer inspection of the numbers leaves plenty of room for debate about the economic outlook. Beggars, of course, can’t be choosy and so the numbers du jour are welcome [...]