“Economists polled by Reuters had forecast retail sales increasing 0.4 percent in July,” CNBC reports. “May’s retail sales were also revised up to show no change instead of the previously reported 0.1 percent dip. Retail sales increased 4.2 percent in July on a year-on-year basis.”
“Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 2.8 percent annualized rate in the second quarter,” CNBC reports. “That boosted GDP growth to a 2.6 percent rate in the April-June period.”
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