Consumer spending continues to climb month-over-month.

July marks the fourth straight month of increased consumer spending, as well as the fastest month-over-month increase of the year.

Which is good for recession fears. But the trend within the trend shows the pandemic splintering is still in play.

Underpinning the entire trend: a nearly 2% spike in online shopping.

institutional retail competitors continue to flounder. Home Depot is forecasting its first yearly revenue decline since 2009. Meanwhile, Target is expected to report its first quarterly sales decline in four years