U.S. Commerce Department: Retail sales up 0.5% in July


These are very welcomed news although the Federal Reserve policy makers this week said they were concerned that household spending had “flattened out” and the recent plunge in stocks was hurting confidence.

The news are certain to drive the market today. 70% of the U.S. economy is consumer spending (yes I know I have repeated that 10s of times) and this is happening at the same time U.S. exports have dropped as a result of slowing down economies in both Europe and Asia.

Photo by Konstantin Sergeyev