U.S. Market Averages

In the early morning trading markets are trading lower. After five days of trading higher and broader averages trading near 4-year highs, investors are in the mood to take profit this morning.

July retail sales show a mixed sales growth for various companies. Target July sales were up 11.9% and comparable stores sales up 5.5%, Gap stores flat and same store sales down 4.5%. Similar data for other stores are as follows.

Abercrombie & Fitch – 33% and 22%

Ross Stores – 17% and 7%

Family Dollar – 5.7% and (1.7%)

Payless ShoeSource – (3.5%) and (2.4%)

Guess? Inc – 16.6% and 5.6%

DSW Inc – 17.8% and 3.3%

Ann Taylor – 7.5% and 3.5%

Nordstorm – 5.4% and 3.6%

Chico’s - 33.5% and 14%

WalMart – 10.7% and 3.3%

Mothers Work – (4.3%) and (2.6%)

Target – 11.9% and 5.5%

Gap Inc. – Zero and (4.5%)

Economic News

In the week ending July 30, the advance figure for seasonally adjusted initial claims was 312,000, a decrease of 1,000 from the previous week's revised figure of 313,000. The 4-week moving average was 316,750, a decrease of 2,250 from the previous week's revised average of 319,000.

The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending July 23, unchanged from the prior week's unrevised rate of 2.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending July 23 was 2,581,000, a decrease of 18,000 from the preceding week's revised level of 2,599,000. The 4-week moving average was 2,592,000, an increase of 2,250 from the preceding week's revised average of 2,589,750.