The retail sales report for July showed that sales fell 0.1% which was below the consensus of a 0.8% rise. This is evidence that we may have a business recovery but not a consumer recovery. I’m also concerned about Wal Mart’s (WMT) weak sales today.
The jobless claims report rose by 4,000 to 558,000 which was above the consensus of 545,000. Also, last week’s claims were revised higher by 4,000 to 554,000.