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Retail Sales Surge in Core Categories Boosts GDP Forecasts; Democratic Leaders Urge Biden to Step Down Amid Rising Tensions

Ballestas Group

While overall retail sales were unchanged in June, excluding the volatile components of food, gasoline, automobiles and building materials, retail sales rose sharply. This measure, the so-called control group, increased 0.9% from May and because of this, several economists raised their gross domestic product (GDP) forecasts for the second quarter.

According to news from the Washington Post, tensions are increasing in the Democratic ranks, since even Barack Obama is pushing for President Biden to withdraw from the candidacy of said party. The former president is joined by part of the Democratic leadership such as Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries and former House Speaker Nancy Pelosi who have also urged Biden to withdraw, fearing that a poor performance would affect the control of the Senate and the House of Representatives. The betting market currently gives Kamala Harris a 57% chance of being the Democratic nominee, while the President's odds have fallen to 28%.



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