Dive Brief:
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The economy saw better-than-first-reported improvement in Q2, with gross domestic product expanded 4.2% compared to the 4% first reported by the U.S. Department of Commerce, the government said last week.
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Spending and exports were revised up, inventories proved to be shrinking more than previously estimated, and the Department of Labor also said unemployment claims were down.
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Still, many retailers have reported mixed results in the first half of the year, with many lowering their outlook for the full year.
Dive Insight:
Government statistics are steadily showing improvement in the U.S. economy, but consumers have remained wary. There seems to be a disconnect between these kinds of statistics, which are leading many economists to use words like “bright future,” and the Q2 sales reports of many major retailers. That continues to jangle the nerves of retailers as back-to-school season winds down and the holiday shopping season lurks around the corner.