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Topic - Michael Mcnamara
U.S. shoppers spent cautiously this holiday season, a disappointment for retailers who slashed prices to lure people into stores and now must hope for a post-Christmas burst of spending.
Americans kept spending carefully last month, buying electronics and back-to-school clothes but holding back on luxuries.
Worried about the stalling economic recovery, Americans remained reluctant to spend at stores in July, especially on pricier items such as jewelry, though they let go of some money for travel, according to data released Wednesday.
Mr. McNamara said that heavy discounting on TVs to make room for the latest models offset solid sales of newer products such as Apple Inc.'s iPads.
"The tide (in spending) doesn't seem to be rising overall," said Michael McNamara, vice president of research and analysis for SpendingPulse. "There hasn't been a consistent improvement that has been sustainable."