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Large retailers seen supporting steady retail-sales growth
It’s likely that data to be released Wednesday will show that retail-sales growth held steady last month, supported by large retail chains, but somewhat offset by lower auto and gas sales, according to economists polled by MarketWatch.

A consensus forecast pegs July’s overall retail sales growth at 0.2%, matching June’s pace. Excluding autos, growth likely hit 0.4%, also matching June’s pace.

Retail sales are a major chunk of consumer spending, which is the backbone of the U.S. economy. Recent retail-sales reports have been somewhat tepid, held back by weak wage growth and wary consumers.

However, solid job gains this year could eventually lead to more confident workers and consumers, key drivers for spending and wider economic growth, economists say. A report later this week will provide a preliminary reading on consumer sentiment this month, a gauge that helps economists estimate the likely path of spending.

The U.S. Commerce Department will release the retail-sales data at 8:30 a.m. Eastern.