Retail sales jumped 0.6% in July, the biggest increase in seven months. June was upwardly revised to a 0.3%. Consumer spending accounts for more than two-thirds of U.S. economic activity, is climbing at a 2.8% annualized rate in the second quarter. The savings rate dropped to 3.8% in the second quarter of this year from a rate of 6.2% in the second quarter of 2015. Car sales climbed 1.2%, service stations sales fell 0.4%, sales at clothing stores fell 0.2% and sales at online retailers jumped 1.3%. (Commerce Department)
A federal judge says Costco owes Tiffany $19.4 million in damages over the sale of counterfeit Tiffany diamond engagement rings. Costco said it will appeal. (CNBC)
Reuters is reporting that a poll of economists says the majority believe that “the U.S. economic expansion will last at least another two years.” The U.S. expansion has more than two years to go, according to 34 of 57 economists. Of those economists, 21 said it would last two to three years and 13 said more than three years.
The National Association of Home Builders sentiment index rose 4 points to the highest level since May and now stands at 68. Anything above 50 is considered positive sentiment. The index was at 59 last August. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.