Retail sales rose 0.7% in July from the prior month, beating analysts’ expectations for a 0.4% rise, likely driven by a series of July discount events at major retailers and the start of back-to-school shopping. The rise marked the fourth consecutive month of increases.
Stripping out spending on gas, food, autos and building materials, retail sales increased by 1.0%, double analysts’ expectations for a 0.5% increase, according to Commerce Department data released Tuesday. This control group is a key barometer for discretionary spending. … READ MORE >
