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United States retail sales surge in July
17 August 2017, 12:37 | Ruby West
US July retail sales volumes jump past forecasts
Excluding autos and gasoline, retail sales still rose a healthy 0.5% in July after an upwardly revised 0.1% gain in June. The numbers exclude automobiles, gasoline stations and restaurants.
Consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 2.8% annualized rate in the second quarter.
Department stores, a sub-category of general merchandise stores, and sporting goods, hobby, books and music stores repeated as the only two categories in negative territory. Kleinhenz noted that rising home values are encouraging home-improvement spending and home-related retail purchases.
"The inherent volatility in the monthly retail sales reports notwithstanding, consumers will remain the key driver of growth in the USA economy", Richard Moody, chief economist of Regions Financial, told MarketWatch.
The dollar rose against the yen on Tuesday, pulling away from a recent four-month low, as concerns over tensions between the United States and North Korea eased for now, supporting risk appetite.
Amazon also played a role as its annual Prime Day promotion last month contributed to a 1.3% jump in sales at online retailers.
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Standing out was the considerable reduction in wage growth forecasts to 3.0% annually for 2018 from 3.5% just two months ago. There were only marginal changes to the latest inflation forecasts from those produced in the May inflation report .
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Tannehill was coming off a career-year in his first season under Gase, completing 67.1 percent of his passes for 2,995 yards. As with Cutler, Tannehill had enjoyed his best season under the tutelage of Gase, who was hired by Miami a year ago .