Surge in U.S. retail sales underscores economy's resilience
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WASHINGTON (Reuters) - U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial markets' fears that the economy was heading into recession.The upbeat report from the Commerce Department on Thursday, however, will likely not change expectations that the Federal Reserve will cut interest rates again next month as the outlook for the economy continues to darken against the backdrop of trade tensions..