Despite the constant uproar from the left that drives divisions in America, the economy seems to be doing very well; better than expected by most accounts. President Trump’s slashing of cumbersome regulations has led to a surge in retail spending among consumers. The Department of Commerce has released the retail sales numbers for the month of July, which was forecasted to be a .4% increase overall but came out to be .6%; the largest increase in nearly seven months.
Retail building materials jumped up 1.2% in the month of July which is an increase from the prior month of June when they clocked in a 1.1% growth. Online retail sales grew as well, posting a 1.3% increase in sales. Among those that rose were also restaurants and bars which rose in line with hobby stores and sporting goods stores at .3% growth. Automobiles grew at a very fast pace setting another seven-month high putting their growth for the month of July at 1.2%.
Among those niches that slipped from their June numbers were electronics as well as appliance stores, whom experienced a .5% decrease. Clothing sales was expected to drop in the month of July and ramp back up in August for the “back to school” season; retail clothing saw a drop of .2% from the moth prior.
We also found out there was an increase in the US Dollar of .47% putting it at 93.90. The increase in the US Dollar will surely spawn the Federal Reserve to raise interest rates come September, which was already expected by most economists.
Job creation coupled with strong confidence in the retail markets have fueled optimism in the American economy. The latest jobs report shows yet another 200,000 jobs created in the marketplace and the pro-business features of the Trump Administration signals a continuance as time marches on.