(NEW YORK) — There are signs that the back-to-school shopping season is off to a good start.
Retailers are reporting strong gains last month and a report from research firm Thomson Reuters finds three quarters of them say sales exceeded expectations.
“As long as we get consumers spending, that’s really the key to getting this economy going,” said economist Joel Naroff with Naroff Economic Advisors in Holland, Pa. “And it looks like, at least in July, they spent a little bit more money.”
High temperatures throughout the month of July “may have driven people into the malls just to cool off” and, most importantly, to open their wallets while they were there, Naroff said.
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Jose Pagliery, CNN
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Parija Kavilanz, CNN