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The Commerce Department has released the first advanced estimate of retail sales and consumer spending for June. Core retail sales increased 0.7 percent last month (very strong), and 3.8 percent year-over-year; very strong retail sales.
Retail sales is an important component to the U.S. economy as more than two-thirds of our GDP is based from retail sales. In essence, one of the unique attributes to the U.S. economy is that we buy lots of stuff. Actually, the U.S. consumer buys almost three-quarters of everything produced. We are -for the most part- self-sustaining; we do not necessarily need to depend on exports. When the U.S. consumer is buying stuff the internal economy is strong.
WASHINGTON - Reuters - US - Sales - June
WASHINGTON (Reuters) – U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.
[…] Economists polled by Reuters had forecast retail sales edging up 0.1% in June. Compared to June last year, retail sales advanced 3.4%.
Automobiles - Gasoline - Building - Materials - Food
Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.7% last month after an upwardly revised 0.6% increase in May. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4% in May.
The data is a reflection of Main Street strength. The job market is hot; wages are rising much faster than inflation; the middle class has more disposable income. Hence, retail sales are strong.
President - Trump - Manufacturers - Products - US
President Trump is continuing to emphasize and incentivize corporate manufacturers to return to producing products inside the U.S. The American market is the gold-standard for consumer goods. Companies that make stuff need access to their best customer, that’s the U.S. market.
For 30+ years, U.S. policy was driven by Wall Street influence who wanted to exploit...
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