Retail Sales Recover From June Slump
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Retail sales in July recovered from a June slump. In July, retail sales rose by 0.8 percent, notably better than analyst estimates of 0.3 percent.
Compared to last year, retail sales where higher by 3.7 percent, with notable gains seen in nonstore retailers. Sporting goods, hobby, book and music stores also saw decent gains compared to last year.
The figure gives investors important insight into consumer demand and spending and the vitality of the U.S. economy, which some fear is troubled. Today's better than expected data might alleviate some of those concerns, particularly in light of the most recent jobs number which also came in above expectations. Investors will also be factoring the new data into their predictions for expected Fed QE3, which some say could come as soon as September.
Compared to last year, retail sales where higher by 3.7 percent, with notable gains seen in nonstore retailers. Sporting goods, hobby, book and music stores also saw decent gains compared to last year.
The figure gives investors important insight into consumer demand and spending and the vitality of the U.S. economy, which some fear is troubled. Today's better than expected data might alleviate some of those concerns, particularly in light of the most recent jobs number which also came in above expectations. Investors will also be factoring the new data into their predictions for expected Fed QE3, which some say could come as soon as September.
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