US retail sales rose 0.7% mom in July, well above expectation of 0.3% mom. Ex-auto sales rose strongly by 1.0% mom, versus expectation of 0.4% mom.
Empire State Manufacturing index rose to 4.8, up from 4.3 and beat expectation of 1.9. Looking at some details, The employment and average workweek indexes were both slightly below zero, pointing to sluggishness in labor market conditions. Input prices increased as a slightly slower pace while selling price increases were little changed.
Philadelphia Fed Business Outlook dropped to 16.8, down from 21.8 but beat expectation of 10.0. The survey’s broad indicators remained positive, although their movements were mixed this month: The general activity, shipments, and employment indicators decreased from their readings last month, but the indicator for new orders increased.
