Retail Sales in U.S Unexpectedly Drop by 0.5%, Empire State Manufacturing Up to 7.39 - 16.7.2012
The U.S retail spending dropped by 0.5 per cent in June more than a 0.2 per cent decrease in May according to the US Department of Commerce, economists were expecting a 0.2 per cent increase in the Retail Sales. Moreover, Retail Sales excluding autos sector declined by 0.4 per cent, the same decrease like in May, however it was worse than anticipated. As the U.S economy added fewer jobs the previous month, consumer spending reduced and Retail Sales appeared weaker in June.
Furthermore, the Empire State Manufacturing Index increased to 7.39 in July up from 2.29 in June according to the Federal Reserve Bank of New York. The manufacturing activity showed a better than the expected increase to 3.9. At the time being the greenback fades against the common currency. The EURUSD jumped after the news from 1.2179 to 1.2236, up by 0.45 per cent.