July Retail Sales Rise 0.5% as Auto Sales Edge Higher
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July retail sales increased 0.5 percent, the biggest increase in the last four months. Economists were looking for a rise of 0.5 percent in the month.
Commerce Department data Friday showed more consumers drove off of automobile dealer lots with new cars as supply constraints from Japan eased, offering better selection and pricing to consumers.
The initial 0.1 percent gain for the month of June was revised higher to 0.3 percent.
Excluding autos, retail sales climbed 0.3 percent in the month, nearly in line with economists who were expecting a rise of 0.3 percent. June's number, originally coming in flat, was revised to up 0.2 percent.
Auto sales increased 0.4 percent in July at an adjusted pace of 12.2 million, from 11.4 million in June. The number is still trailing the 12.5 million average pace recorded in the first-half of the year.
Retail sales excluding autos and gas rose 0.3 percent, compared to the Street estimate of 0.2 percent.
The SPDR Retail ETF (NYSE: XRT) is up about 0.6 percent this morning.
US futures pushed modestly higher following the release of the data. With just a few minutes left in the pre-market session, the Dow is indicated to open about 76 points higher. Nasdaq and S&P 500 futures are currently up 11 points and 7 points, respectively.
Commerce Department data Friday showed more consumers drove off of automobile dealer lots with new cars as supply constraints from Japan eased, offering better selection and pricing to consumers.
The initial 0.1 percent gain for the month of June was revised higher to 0.3 percent.
Excluding autos, retail sales climbed 0.3 percent in the month, nearly in line with economists who were expecting a rise of 0.3 percent. June's number, originally coming in flat, was revised to up 0.2 percent.
Auto sales increased 0.4 percent in July at an adjusted pace of 12.2 million, from 11.4 million in June. The number is still trailing the 12.5 million average pace recorded in the first-half of the year.
Retail sales excluding autos and gas rose 0.3 percent, compared to the Street estimate of 0.2 percent.
The SPDR Retail ETF (NYSE: XRT) is up about 0.6 percent this morning.
US futures pushed modestly higher following the release of the data. With just a few minutes left in the pre-market session, the Dow is indicated to open about 76 points higher. Nasdaq and S&P 500 futures are currently up 11 points and 7 points, respectively.
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