US retail sales and industrial data reinforce Q3 economic outlook

US retail sales and industrial data reinforce Q3 economic outlook

By Lucia MutikaniWASHINGTON (Reuters) - US retail sales grew more than expected in July as families boosted car purchases ...

By Lucia MutikaniWASHINGTON (Reuters) - US retail sales grew more than expected in July as households boosted car and clothing purchases, suggesting the economy remains strong early in the third quarter.Other data from Wednesday showed that manufacturing output rose sharply last month and worker productivity rose at its fastest pace in more than three years in the second quarter, although a fall in labor costs pointed to moderate wage inflation.Strong domestic demand supports expectations that the US Federal Reserve's central bank will raise interest rates in September for the third time this year, despite the volatility in emerging markets that was triggered by an economic and political crisis in Turkey."The economy seems well-positioned to continue growing," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan."Persistent consumer optimism is doing its part to keep the growth engine running and retailers are benefiting."{modu...


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