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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 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.
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.
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