Consumers benefiting from job growth, lower gas prices.
It’s expected that the U.S. Department of Commerce will report an increase in retail sales for the month of July, which would mark yet another step forward for a sector that has enjoyed strong growth over the past few months, according to USA Today. The article says that retail sales jumped 1.2 percent in April – the largest increase in a year – and then rose again in June by 0.6 percent. Also, a “core measure” that excludes automobiles and gas has been even stronger, the result of recent job growth and lower fuel prices. An economist who spoke with the news outlet expects the Commerce Department to announce later this week that the core measure rose by 0.3 percent in July.