Spending on US retail sales rose 1 per cent month-on-month to $709.70 billion in July, dispelling fears that the economy could tip into recession. While a slowdown in hiring sparked a brief but sharp market scare last week, the strong retail figures suggest that the impact of any contraction is not reaching consumers. Jeffrey Roach, chief economist at LPL Financial, said: "The slowdown is happening, but it's definitely in moderation and there's really nothing to worry about."