Announced this morning, Retail Sales for the month of July increased 0.5%, more than forecasts. The increase was driven by clothing, food and beverage, as well as online shopping. Sales of sporting goods and furniture declined. The data suggests consumers are continuing to spend in the first month of the third quarter, which could lead to continued strength in the economy as consumer spending is approximately 70% of GDP. Given this activity, hopefully inflation can remain in control in the months ahead. In all, equity futures are lower this morning heading into the market open as investors continue to digest the news on how Turkey is addressing weakness in their currency.
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