US retail sales rose, also in July

The US Commerce Department published data showing that retail sales rose a healthy 0.7 per cent in July, calling it a sign of consumer confidence. US consumers spent more at retail stores and restaurants in July. Analysts see this as a sign that consumers are not too worried about the slower growth that have affected the financial markets and that consumer confidence remains level.

Retail sales rose 0.7 per cent in July, compared to 0.3 percent in June. Online retailers, grocery stores, clothing retailers and electronics stores all are doing well. Consumer spending is the US economy chief driver for growth and remains healthy. Meanwhile, growth in other sectors of the economy has been slow as a result of uncertainty over the US-China trade war.

The US Commerce Department also reported that the job market keep growing, that the US unemployment rate is near a 50-year low, that and wages are rising, albeit modestly, bolstering the public's spending power.