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Broad-Based Advance in U.S. Retail Sales Shows Solid Spending
U.S. retail sales advanced in July by the most this year, with widespread gains from department stores to building materials outlets that signal a robust start to consumer spending in the third quarter, according to Commerce Department figures released Tuesday. Highlights of Retail Sales (July) • Overall sales climbed 0.6% (est. 0.3% gain) after 0.3% advance in prior month (revised from 0.2% decline) • Sales excluding autos and gasoline rose 0.5% after a 0.3% rise • Retail-control group sales, which are used to calculate GDP and exclude the categories of food services, auto dealers, building materials stores and ... (full story)