Despite all the distractions, the U.S. economy's resilience remains intact. Here are key fundamentals easily lost amid recent headlines dominating the news cycle.

Newly released June retail sales data shows consumers are spending bigly.

Excluding gasoline, because its volatile price distorts the data, retail sales grew 5.3% in the 12 months ended June 30. That compares to a 3.2% rate of growth achieved in the last 12 months of the last economic expansion. To be clear, retail sales are growing more than 60% faster than in the peak of the last expansion.