US retail sales beat estimates to show strong consumer spending
US retail sales rose more than expected last month, showing that consumer spending remains robust and partly soothing fears over the health of the world’s biggest economy.
Headline retail sales rose 0.7 per cent in July, compared with economists’ expectations for 0.3 per cent, according to a Reuters poll. That followed a 0.4 per cent rise the previous month.
Meanwhile, so-called control retail sales, which strip out volatile items such as petrol and building materials and offer a picture of underlying sales, climbed 1 per cent last month. That topped economists’ expectations for a 0.3 per cent rise and followed a 0.7 per cent increase the previous month.
With additional reporting by Sarah Provan in London