US retail sales rose strongly in July; up 1.0% versus expected 0.4% gain
Investing.com - U.S. retail sales rose by a larger than expected amount in July, pointing to resilience in consumer spending activity ahead of next month’s Federal Reserve meeting.rose by 1% last month, accelerating from an unchanged reading in June, according to Commerce Department data released earlier Thursday.
Additionally, the number of Americans filing new applications for unemployment benefits fell last week, reinforcing concerns that a gradual softening of the labor market remains intact.for state unemployment benefits dropped 7,000 to a seasonally adjusted 227,000 for the week ended Aug. 10, the Labor Department, compared with the expected rise to 236,000.
However, recent benign inflation data, coupled with signs of a cooling labor market and slowing economic growth have raised the likelihood that the U.S. central bank will start a rate-cutting cycle next month.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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