Retail sales probably rose for a fourth consecutive month in July, showing the U.S. economy is breaking free of the effects of higher taxes and budget cuts, economists said before reports this week.
Purchases climbed 0.3 percent after a 0.4 percent advance in June, according to the median forecast of 64 economists surveyed by Bloomberg before Commerce Department figures on Aug. 13. Other data may show gains in manufacturing, residential construction and consumer prices last month.
Employment gains and increased household wealth tied to higher home and stock prices are giving Americans the confidence to spend, brightening the economic outlook. Low borrowing costs are spurring vehicle sales at General Motors Co. (GM) and Ford Motor Co. (F), helping bolster industrial production at the same time builders start work on more homes.
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