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US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and lifted discretionary spending Adidas Tyler Seguin Jersey , suggesting the economy continued to gain pace early in the third quarter.

Retail sales for June and May also were revised higher, which should help to assuage concerns about consumer spending, But persistently sluggish wage growth has pushed Americans to dip into their savings to fund spending. Economists say wage growth has to pick up to sustain consumer spending.

“American shoppers flocked to the malls and even department stores in July, suggesting consumers are well-positioned to propel the economy forward in the second half of the year,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.

The Commerce Department said yesterday that retail sales added 0.6 percent last month, the largest gain since December 2016. June’s retail sales were revised to show a 0.3 percent gain instead of the previously reported 0.2 percent drop.

Economists had forecast retail sales adding 0.4 percent in July. May’s retail sales were revised to show no change instead of the previously reported 0.1 percent dip. Retail sales jumped 4.2 percent in July on a year-on-year basis.

Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6 percent last month after an upwardly revised 0.1 percent gain in June. These so-called core retail sales, which relate most closely with the consumer spending portion of gross domestic product, were previously reported to have dipped 0.1 percent in June.

Prices of US Treasuries extended losses after the data while the dollar gained against a basket of currencies. US stock index futures were trading higher.

Consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 2.8 percent annualized rate in the second quarter. That boosted GDP growth to a 2.6 percent rate in the April-June period.

The acceleration in consumer spending in the second quarter came at the expense of savings, a trend that economists say is unsustainable. Annual wage growth has struggled to break above 2.5 percent.

The saving rate has dropped to 3.8 percent in the second quarter of this year from 6.2 percent in the second quarter of 2015. Low savings and tepid wage growth suggest households would need to borrow to maintain spending.

“The decline in the saving rate, however, raises some longer-term concerns about consumer spending,” said Michael Feroli, an economist at JPMorgan in New York. “Savings can’t drop indefinitely and future consumption growth will need to rely on stronger income growth.”

Motor vehicle sales climbed 1.2 percent in July, the biggest rise since December 2016, after advancing 0.9 percent in June. Faced with a huge inventory of unsold cars, auto dealerships are resorting to hefty discounts to attract buyers.

Prices for new motor vehicles saw their biggest drop in nearly eight years in July and have fallen for six straight months. Prices could fall more as a separate report from the Labor Department yesterday showed the cost of imported motor vehicles fell in July for the second straight month.

ACCRA, Aug. 7 (Xinhua) -- Government of Ghana seeks to pass alaw that will limit annual fiscal deficit to Gross Domestic Product(GDP) ratio to five percent, Senior Minister Yaw Osafo Maafodisclosed here on Monday.

Opening the Ghana Economic Forum, the Senior Minister, who isthe most senior state official in charge of the economy besides theVice-President, said a Fiscal Responsibility Law could punish stateofficials who outspent limits granted them.

"That's why we are looking at the fiscal responsibility law, soyou can't come and run the deficit anyhow. There should be a lawrestricting you within a band. We are looking at 3.4 percent andfive percent deficit annual so that Minister for Finance will beresponsible. And people should suffer for breaking such economicrules," the minister said.

The minister wondered why in spite of the Bank of Ghana Actwhich says that the government should not spend more than 10percent in excess of the previous year's revenue, government spends42 percent above the previous year's revenue and nothing happens,and the governor continues to hold his job.

"Because we can't have the law which restricts you to controlexpenditure, you do it anyhow, put the whole country into a messand enjoy your position as a governor. It's high time we looked atsome of these things and make sure that people who break our ownagreed laws suffer for it. We are in difficulty but we can easilyovercome," he said.

Osafo Maafo underscored the need for the country's economy to beredeemed from the cyclical boom and bust.

"Let us resolve to get the economy resolved once and for all.Let us remove this tag of irreversibility on our head that Ghanawill do well for some time and later we reverse to the bottom, thenwe climb again to the top; that cannot do. Once we set on motionand moving we should make it impossible for any government toreverse that motion," Osafo Maafo urged.

The two-day forum is organized by the Business and FinancialTimes Limited, under the theme "A Ghanaian-Owned Economy: 60 YearsAfter Independence."

Chief Executive Officer of the Business and Financial Times,Edith Dankwa, stressed the need for Ghanaians to own theireconomy.

"Our economy is our responsibility. Who will do it for us? Asindividuals, as organizations, as partners, we all have ourinterests, which is our nature. If it is our nature, then we haveto ensure that we help build our economy," she added.

While focusing on new developments in corporate financing andthe evolving relationship between private sector and authorities,the forum will also debate whether the nature of currentdevelopment framework allo

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