California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The advance estimates of U.S. retail and food services sales for July, adjusted
for seasonal variation and holiday and trading-day differences, but not for price
changes, were $390.4 billion, an increase of 0.5 percent (±0.5%) from the previous
month, and 8.5 percent (±0.7%) above July 2010.  This was an increase of nearly
$3 billion over the month.

Consumers increased spending even with the higher costs for gasoline, potentially
easing concerns that Americans are pulling back as unemployment remains high and
the economy shaky.

Consumers spent more on cars and auto parts, home furnishings along with a
significant increase for electronics. Additionally increases were seen in food and
beverage, health and personal care clothing and clothing accessories and at general
merchandise stores.

Decreases were seen at building material and garden supply stores, sporting goods,
hobby, books and music stores.

Meanwhile, the National Retail Federation is reporting that the retail sector is
doing its part to help the economy by hiring over 26,000 during July.

I am Tim Johnson and this has been the California Business Minute.