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July retail sales +0.6%, +0.5% ex mtr veh,..>

US DATA
US DATA: July retail sales +0.6%, +0.5% ex mtr veh, +0.6% ex auto, bldg 
materials, gas and food services, all well above expectations and 
following sharp upward revisions to June and a small upward revision to 
May. July mtr veh sales +1.2%, gas -0.4% (total ex. gas +0.7%), bldg mat 
+1.2%, food services +0.3%. Sales were generally higher for the other 
categories, with only electronics and clothing posting declines. 
Total sales are running 3.2% above the second quarter average at an 
annual rate and were still +1.8% ex motor vehicles and +2.6% ex autos, 
building materials, gas, and food services. The data suggest an upward 
adjustment to 2Q PCE and a solid start to 3Q PCE. See MNI main wire. 

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