U.S. retail sales rise in July

WASHINGTON — The U.S. Commerce Department said the country’s retail sales increased 0.7% in July, easing concerns of an impending recession. Sales of building materials edged up by 0.2%. The increase was greater than the 0.3% rise forecast by economists in a Reuters poll. Year over year, retail sales swelled by 3.4%. At the same time, the June estimate was revised down slightly, from the previously reported 0.4% increase to 0.3%.