July retail sales in the US were virtually unchanged from June
July retail sales in the US were virtually unchanged from June. The lack of any significant increase from last month's results is good news for Fed watchers. It's apparent there's still a constraint on wage growth keeping Americans from increasing spending levels. On the other hand, retail sales were still 3.7% higher from this time last year, which means the economy has come a long way. Spending on motor vehicles dropped 0.3% in July from the month before, but is up 6.4% year-over-year. Health and personal care spending climbed 0.4% from June and is up 7.3% from last year. With many investors concerned about Fed tightening, the flat retail sales number was taken as a bullish signal. (VIEW LINK)
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