Retail sales in the United States grew faster than expected

Retail sales and hospitality sales in the United States increased more than expected for the fifth consecutive month, indicating that consumer confidence is driving economic growth with continued unabated spending.

The US Department of Commerce announced on Thursday that the seasonally and calendar adjusted value of retail sales and hospitality in July was 523.5 billion USD at current prices, which is a 0.7 percent increase, compared to the previous month. Analysts expected 0.3 percent growth from the previous month. (MTI)