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Retail sales increase in July, but miss estimates

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Photo: Trong Nguyen / Shutterstock.com Photo: Trong Nguyen / Shutterstock.com

“Core” retail sales also improve.

Retail sales rose 0.3% in July, according to data released by the Commerce Department today. In addition, June retail sales figures were revised upward to erase 0.3% decrease in sales during that month.

Analysts had expected a 0.5% increase in July.

Sales excluding autos, gasoline, building materials and food services, so-called “core retail sales,” also rose 0.3% in July, compared to a revised 0.2% increase in June.

Analysts had expected a 0.5% increase in core retail sales.

The results, while below expectations, suggest firming, although not spectacular, economic growth, and may provide additional incentive to the Federal Reserve to increase interest rates sooner rather than later. See the full report here.

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