teknolojiarsivi.com July 20, 2018

WRAPUP 1-US retail sales post biggest increase in seven months

17 August 2017, 12:35 | Vickie Mathis

US retail sales soar in July to 7-month high

The Off Price Retail Boom Lessons For All Retailers

The report "shows households still had plenty of buying power as the third quarter got under way in July", MarketWatch said, noting that "Steady hiring, the lowest unemployment rate in 16 years and gently rising incomes have all buoyed spending in 2017, keeping the economy on a modest growth path more than eight years after an expansion took hold".

Consumer spending is by far the largest source of US economic activity.

Shoppers turned out in force in July, driving retail sales to their largest gain since December 2016. Sales increased by 3.5 percent year-over-year, a continuation of the growth seen in June and long-term trends.

Strong points in the advance retail sales report for July included the 1.2 per cent jump in sales of autos and building materials.

The strong auto sales came despite industry reports which showed vehicle and truck sales fell six per cent from July 2016.

Retail sales in July, according to data from the US Census Bureau, were boosted by output from non-store retailers and by sales of building materials and garden supplies.

Excluding auto and gasoline, retail sales still rose a healthy 0.5% in July.

Nunes said the June 12Valentine's Day celebrations also stoked retail sales.

Nonstore Retailers were up 11.5% from July 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 8.3% from a year ago. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have dipped 0.1 per cent in June.

The index of business activity rose to a three-year high of 25.2, a striking gain on July's 9.8 and well clear of the consensus estimate of 10.

Furniture and home furnishings stores outperformed the broader retail sector with a 5.6% jump in sales over the same month previous year, according to the latest government report. Economists polled by Reuters had forecast retail sales increasing 0.4% last month.

Other News

Trending Now

Weekend tropical outlook: A depression could develop in the Atlantic
The U.S. based National Hurricane Center said, "Maximum sustained winds are near 35 miles per hour [55 km/h] with higher gusts". The administration initially predicted that the ocean could see anywhere from 11-17 named tropical storm systems this year.

Maria Sharapova granted entry to US Open following doping suspension
The 2006 victor served her 15-month doping ban for a violation at the 2016 Australian Open and returned to tennis in late April . Initially, she was given a two-year ban by the International Tennis Federation, but it was reduced on appeal to 15 months.

Dunford: US-South Korean Alliance Ready to Defend Against North Korean Threat
Separately, Seoul's Defense Minister Song Young-moo played down chances of the North actually firing any missiles close to Guam. Treasury yields and the U.S. dollar as investors regained an appetite for riskier investments amid an easing of Korea tensions.

Smugglers Throw Nearly 300 Refugees Into Yemen Sea
On this route, migrants are exposed to the dangers of Yemen's conflict, with some having been killed in the war. According to the rescue teams the average age of the drowned migrants was 16.

Venezuela's Supreme Court Gives Opposition Mayor 15-Month Jail Term
Despite the strong arm tactics by the Maduro government, the opposition called for another nationwide protest Tuesday. Protests that drew hundreds of thousands at their peak have drawn fewer people as fear and resignation creep in.

TODAY'S FORECAST: Mostly cloudy, chance of rain
The National Weather Service in Pueblo predicted highs of 84 degrees Saturday , 74 degrees Sunday and 67 degrees Monday . Winds will be out of the south at 5-10 miles per hour and there will be a 10 percent chance of showers through the day.

The Perseid Meteor Shower Peaks This Weekend
If you get some clear skies, though, look up! It happens every year between the middle of June and the start of September. The meteor shower gets the name Perseids because it appears to radiate outward from the constellation Perseus.

Colin Kaepernick Could Become Dolphins Starting Quarterback After Ryan Tannehill Injury
Tannehill chose to get stem cell treatment instead of surgery on a partially torn ACL, and that seems like a mistake now. The Dolphins will wait for more clarity on Tannehill before making a decision on adding another quarterback.

Diego Costa's agent discusses his Chelsea comeback
Diego Costa has rejected the chance to join AC Milan according to reports today, a move that could cost Chelsea nearly £4m. At the moment, he does not want to play for a club other than Atletico Madrid ".

U.S. scientists edit out disease from human embryos for first time
It's now illegal in the USA and many countries to implant a gene-edited embryo into a mother's womb to produce a baby. Federal agencies also ban funding of research that ultimately leads to the destruction of human embryos in research.