A report released by the Commerce Department on Friday showed an unexpected decline in retail sales in the U.S. in the month of July.
The Commerce Department said retail sales fell by 0.6 percent in July after rising by 0.2 percent in June. Economists had expected retail sales to inch up by 0.1 percent.
The unexpected decrease in retail sales partly reflected a significant pullback in sales by motor vehicle and parts dealers, which tumbled by 1.8 percent in July after surging by 2.4 percent in June.
However, excluding the slump in auto sales, retail sales still dipped by 0.3 percent in July after slipping by 0.2 percent in June. Ex-auto sales were expected to increase by 0.2 percent.
At 10 am ET, the University of Michigan is scheduled to release its preliminary reading on consumer sentiment in the month of August. The consumer sentiment index is expected to dip to 54.2 in August from 55.2 in July.
The Commerce Department is also due to release its report on business inventories in the month of June at 10 am ET. Business inventories are expected to rise by 0.2 percent in June after climbing by 0.3 percent in May.