WASHINGTON: US retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial market fears that the economy was heading into recession.
Excluding automobiles, gasoline, building materials and food services, retail sales jumped 1.0 per cent last month after advancing by an unrevised 0.7 per cent in June. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Solid consumer spending is blunting some of the hit on the economy from the downturn in manufacturing, which is underscored by weak business investment. There are, however, red flags for the labour market coming from manufacturing.
Manufacturing's troubles appear to have persisted into the third quarter. Though a report from the Philadelphia Fed on Thursday showed factory activity in the mid-Atlantic region slowed less than expected in August amid an increase in new orders, manufacturers reported hiring fewer workers. The economy grew at a 2.1 per cent rate in the second quarter, decelerating from the first quarter's 3.1 per cent pace. Growth estimates for the third quarter are below a 2.0 per cent rate.
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