Retail Sales Make Strong Comeback In July
A strong comeback was made by U.S. retail sales in the month of July. It was the largest amount in over 5 months due to escalated spending on clothing, furniture and automobiles. Tuesday’s good news helped wipe out last month’s bad consumer numbers.
The Commerce Department notes that retail sales jumped 0.8% in July, which was unexpected after 3 months of decline, including a drop in sales in June of 0.7%. Economists had predicted a rise on sales of only 0.3%, which makes for higher expectations in the near future.
Economists are now optimistic about sales in the up-coming months, despite the latest up-tick in unemployment numbers. Purchases rose in all 13 categories of retail sales from clothing stores, restaurants and furniture stores to auto dealers, sporting goods and department stores.
Stocks have also climbed due to more confidence in the economy. Consumers are starting to believe that the delicate economic numbers will continue to move in a positive direction. The third quarter is expected to be much better than the dismal second quarter. The Dow continues its upward surge and remains at over 13,000. The stronger economic numbers will help the current President in his bid to keep the White House.
The 2012 election will be fought over the economy. If the numbers continue to turn around for President Obama he will be tough to beat come November. These early third quarter results could rally the U.S. economy back up to where it was after the worst crises since the Great Depression.
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