Here Comes Retail Sales...
Economists estimate sales climbed by 0.2% in July, or 0.4% excluding autos and gas.
"Early indications point to solid upside in retail sales in July," said Morgan Stanley's Ted Wieseman. "Unit auto sales fell to a 16.4 million unit annual rate in July from an eight-year high of 16.8 million in June, but industry reports indicated that the pullback reflected lower fleet sales, while retail sales rose. Meanwhile, our AlphaWise team's data pointed to a solid rise in ex autos and gas sales, and our retail analysts in equity research saw somewhat muted mall sales trends in July but indications of early back-to-school sales being off to a good start. So we look for a solid further 0.4% gain in the core "retail control" category on top of a 0.5% rise in June."