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Retail sales rise more than expected as consumers pick up spending
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ERShares CEO Joel Shulman looks ahead to the July retail sales report and remains bullish on tech stocks.
Americans picked up their spending at retail stores in July, even as inflation accelerated for the first time in more than a year.
Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose just 0.7% in July, the Commerce Department said Tuesday. That is above both the 0.4% increase projected by Refinitiv economists and the 0.2% gain recorded in June.
Excluding the more volatile measurements of gasoline and autos, sales climbed 1% last month.
This is a developing story. Please check back for updates.
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