newsmoments.net
newsmoments.net November 17, 2017


United States retail saleshit seven-month high in July

17 August 2017, 12:36 | Lorenzo Hawkins

Sales of electronics and clothing continued to lag behind but car sales boosted the July figures

Sales of electronics and clothing continued to lag behind but car sales boosted the July figures

A rebound in retail sales in the United States in July has triggered further gains in the USA dollar on Tuesday, sending the greenback to its highest level in nearly three weeks.

Nunes said the June 12Valentine's Day celebrations also stoked retail sales. Economists say wage growth has to pick up to sustain consumer spending.

The July numbers come as retail continues a long-term pattern of increased sales.

Retail trade sales were up 0.6% from June 2017, and up 4.3% from a year ago. May's retail sales were revised to show no change instead of the previously reported 0.1 per cent dip.


Estimated furniture and home furnishings store sales totaled $9.68 billion in July, up from a revised $9.16 billion in July a year ago, the U.S. Department of Commerce reported today.

Building materials and supplies stores increased 1.2 percent over June and increased 8.5 percent unadjusted year-over-year.

In response, the dollar hit a near three-week high against a basket of major currencies.

Consumer spending is by far the largest source of US economic activity. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation's economy. "Savings can't drop indefinitely and future consumption growth will need to rely on stronger income growth".


Excluding sales of autos and parts, sales rose by 0.5% on the month to hit $378.8bn (consensus: 0.4%).

Prices for new motor vehicles recorded their biggest drop in almost eight years in July and have decreased for six straight months. Commerce Department figures aren't adjusted for prices, so cheaper fuel costs depress results.

The US dollar got a boost on Tuesday after data showed retail sales in the US held up well in July, while a measure of business activity among NY state's manufacturers rose at its fastest pace in three years.

Health and personal care stores increased 0.4 percent over June and increased 1.6 percent unadjusted year-over-year. Americans increased spending last month on most goods except for clothes and gasoline. Sales at clothing stores fell 0.2 per cent after rising 0.7 per cent in June.




Other News

Trending Now

Target buying transport technology company to expand delivery capabilities
Grand Junction coordinates about 6 million local deliveries a month but will drop service to CVS and Office Depot. The software company also enables payment processing, visibility and operations dashboards.

Maduro snubs Vatican's call for suspension of Venezuela's Constituent Assembly
Britain's foreign secretary has also criticized Venezuela's President Nicholas Maduro for his arrest of two opposition leaders. But another opposition leader, Leopoldo Lopez, remained in the Ramo Verde prison southwest of the capital.

Netanyahu's former aide to testify against him in graft case
Police reportedly have a copy of a recording made by Harrow of a 2014 conversation between Netanyahu and the publisher. The editor of Yedioth Ahronoth asserts that he has no knowledge of any such deal.

Fox News Host Threatens HuffPost Journalist With $50M Lawsuit Over Sexting Scandal
The Weiss firm was also brought in to investigate Bill O'Reilly and Roger Ailes before they were ousted from the network. Fox News suspended Bolling the day after the allegations were made public and launched an investigation into the claims.

Taylor Swift testifies in alleged groping trial
Andrea also said that as a result of this incident, they became more cautious about the way they operated during meet-and-greets. Liddicoat said in the deposition that Swift appeared to be "uncomfortable" after Mueller left, and was "visibly upset".

Thomas Berger to lead legal challenge against Trans Mountain
The NDP said without the certificates, the Trans Mountain expansion can not move forward on public land. Attorney General David Eby says they plan to use every tool to defend B.C.'s coast from tanker traffic.

EPL: Man City beat Brighton 2-0
But the moment they did it was ruthless as striker Aguero converted 20 minutes from time. "Hopefully he can get more game time". That is the top (and only) priority, and the club will do all it can to achieve that".

Aston Villa set to complete deal for Tottenham midfielder
Onomah has joined Championship club Villa on a season-long loan deal from Premier League outfit Tottenham in the summer transfer window.

Liverpool transfer rumours and gossip: Barcelona's final Philippe Coutinho bid
The 25-year-old has been heavily linked with a move to Barcelona this summer. I am here, but I work with the players I have.

Canadian delegation in North Korea to discuss jailed pastor
North Korea responded by saying on state media it is considering a strike on the US Pacific territory of Guam. The visit drew speculation that the envoy was to persuade the North to release the detained pastor.