Economic activity increased 0.2% in July, its average pace since the beginning of 2007, after growing 0.2% in June and 0.3% in May. A significant increase in wholesale trade propelled the growth in July, while a drop in oil and gas extraction dampened it.
The strength of the service industries (+0.3%) more than offset the 0.1% decrease in the production of goods. Declines were recorded in the retail trade.
Wholesale trade jumped 2.3% in July, the largest monthly increase recorded since its 4.4% gain in March 2004.
After a strong showing in May, retail trade experienced its second consecutive monthly decrease, down 0.8% in July and 0.7% in June. Sales by new car dealers fell in July.
Sales of clothing and general merchandise stores (which include department stores) also retreated. Gains were recorded by personal care stores.
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