Economic data for July does not yet reflect the impact of the recent surge in virus cases.

The economic data from July has begun to be released. The labor market continued to rebound with job growth above 1.7 million and the unemployment rate dropping to 10.2% from 11.1%. The best news was a positive report for wage growth as more of the jobs returning are at higher scales. The data due out this week is expected to continue to reflect an improving economy. Retail sales for July are due out this week and are expected to be up about 2% following the 7.5% increase reported for June. This would start the third quarter off to a solid start in consumer final demand.