U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay, Reuters reported. Retail sales jumped 0.7% last month, the Commerce Department said on Tuesday. Data for June was revised higher to show sales rising 0.3% instead of the previously reported 0.2%. Excluding automobiles, gasoline, building materials and food services, retail sales surged 1.0% in July. Data for June was revised lower to show these so-called core retail sales increasing 0.5% instead of the previously reported 0.6%. Core retail sales correspond most closely with the consumer spending component of gross domestic product.
