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Retail sales came in better than expected easing concerns of a recession
- U.S retail sales rose 1% in July, better than 0.4% forecast and -0.2% in June (revised down from flat growth).
- On a yearly basis, retail sales were up 2.66%, above 2.04% in June (revised up from 2.0%).
- Excluding autos, retail sales increased 0.4%, better than 0.1% estimate.
- The numbers are not adjusted for inflation which was up 0.2% on the month.
- Dow and S&P 500 futures rose 0.8% while Nasdaq 100 futures were up 0.9% following the report.