Retail sales will lift Q2 GDP estimates

Core retail sales in June rose .6% m/o/m, twice the estimate and May was revised up by one tenth to a gain of .3%. Auto sales were up by .3% m/o/m after a 1.5% rise in May and higher by 5.3% y/o/y. Better inventories are helping sales, for now. Building materials fell by 1.2% m/o/m, giving back the May gain and are down 3.75 y/o/y. Many are certainly fo…