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The year-over-year comparisons are not seasonally adjusted, but the month-to-month figures are. Bright spots remained in online sales, electronics, airlines and lodging as Americans devoted their limited dollars to summer travel. Clothing, jewelry and luxury sales were weak. In addition to aggregate spending data, analysts are studying the second-quarter earnings results that major retailers are releasing this week and next for a sense of shoppers' behavior. Macy's Inc. reported Wednesday that its second-quarter net income surged as it benefited from a new focus on exclusive moderate-price fashions and from tailoring each store's merchandise to its local market. But Macy's seemed to gain only at the expense of rivals like J.C. Penney Co. Economists surveyed by Thomson Reuters predict that the government figures, excluding autos, will rise a slim 0.3 percent in July from June.
[Associated
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