U.S. retail sales rebounded in July as households boosted purchases of automobiles and a range of other goods, pointing to solid economic growth at the start of the third quarter. The Commerce Department said retail sales rebounded 0.6% last month after remaining flat in June.
The upbeat data boosted expectations for a Federal Reserve interest rate hike as early as next month.
Sales at auto dealerships increasing 1.4% and there were also increases in sales of clothing, building materials and garden equipment, as well as at restaurants and bars.