Retails sales in the US have been on a rise in the fourth consecutive month. Rising retail sales in July have again reinforced that people in America are getting back on their lifestyle after a recession hit period.
According to the figures presented by the Commerce Department, retail sales increased by 0.2% in July, after a gain of 0.6% in the previous month June. This will definitely be a boost for the economy as a whole. The Money spent by the consumers contributes about 70% in the economy.
In the US, increasing number of jobs along with the better wealth with each household are few positive points indicating that the slowdown period is fading.
"We've seen wage and salary growth continue to expand with the pace of employment. That's helped support some additional consumer activity," said Michael Brown, an Economist with Wells Fargo Securities LLC, North Carolina.
With the better sales in July, there were very little changes made in the inventories at the U. S. companies. This will also be a sign of growing business for the manufacturers. Reports have shown that clothing retails and general merchandise stores showed the maximum gains among the total 13 retail categories that have gained more business during last month.
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