US consumer spending on the rise as retail sales beat estimates
- US Market
- 5 months ago
US retail sales rose in July pointing to strong consumer spending according to data released by the Commerce Department.
Sales rose by 0.7%, beating the forecasted mark of 0.3% by analysts, along with that a further increase of 2.8% in online retail sales and further gains at electric good stores, food outlets and petrol stations.
The increase in sales comes as a result of retailers haggle over prices in order to maintain their margins, mainly due to the ongoing trade spat with China.
However, those fears have been eased as planned tariffs have been delayed until December.
Nevertheless, weak data from Germany and China has the bond markets once again calling to embrace of a likely recession.
Source: Smart Trend Team