The slowdown in purchases followed a 0.2% advance in June, the Commerce Department reported today. The median forecast of 82 economists surveyed by Bloomberg called for a 0.2% gain. Excluding cars, sales rose 0.1%.
More favorable views of current conditions and the outlook show consumers are taking higher prices at grocery stores and gas stations in stride, indicating gains in household purchases will be sustained.
Japan growth misses the mark as its GDP came in at a disappointing 2.6%. This comes after oil rejected breaking out to the downside on the heels of terror threats to oil out of Yemen and embassy closings as well as strong data out of China.
Crude rose the most in a month on forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries and as Americans went to the polls to pick a president.