A report released by the Commerce Department on Friday showed retail sales in the U.S. increased in line with economist estimates in the month of July.
The Commerce Department said retail sales climbed by 0.5 percent in July after jumping by an upwardly revised 0.9 percent in June.
Economists had expected retail sales to rise by 0.5 percent compared to the 0.6 percent increase originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales rose by 0.3 percent in July after growing by 0.8 percent in June. The increase in ex-auto sales also matched expectations.
The Labor Department released a report on Friday showing import prices in the U.S. increased by more than expected in the month of July.
The report said import prices climbed by 0.4 percent in July after a downwardly revised 0.1 percent dip in June.
Economists had expected import prices to inch up by 0.1 percent, matching the 0.1 percent uptick originally reported for the previous month.
Meanwhile, the Labor Department said export prices crept up by 0.1 percent in July after rising by 0.5 percent in June. The modest increase matched economist estimates.
The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August.
The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.
With the unexpected increase, the general business conditions index reached its highest level since hitting 20.2 in November 2024.
Looking ahead, the New York Fed said firms continue to expect conditions to improve in the months ahead, although optimism has diminished compared to last month.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of July. Industrial production is expected to come in unchanged in July after rising by 0.3 percent in June.
The University of Michigan is due to release its preliminary reading on consumer sentiment in the month of August at 10 am ET. The consumer sentiment index is expected to inch up to 62.0 in August climbing to 61.7 in July.
Also at 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of June. Business inventories are expected to rise by 0.2 percent in June after coming in unchanged in May.