US retail sales grew in July higher than was expected

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US retail sales grew in July higher than was expected

August 16, 2018 - 16:00
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US retail sales grew in July higher than was expected, as Americans spent more money on motorcycles and clothing, Reuters reports. It is a sign of high economic growth in third quarter.

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US retail sales grew in July higher than was expected, as Americans spent more money on motorcycles and clothing, Reuters reports. It is a sign of high economic growth in third quarter.

Other data published on Wednesday also signal about stable increase in industrial output. Workers productivity rose with fastest pace in more than three years.

Stable domestic demand supports expectations in regards to rates hike in September. It will happen for third time this year despite of emerging markets volatility.

According to Department of Commerce, sales grew by 0,5%, while estimates of economists surveyed by Reuters were 0,1%. Annual growth reached 6,4%.

GDP increase was 4,1% in the second quarter, which is almost two times higher than in the first quarter. It is expected that third quarter growth will be 3%.