According to the latest Duke University/CFO Magazine Global Business Outlook Survey, U.S. chief financial officers expect continued growth in employment and wages, with expectations at their highest since 2007, Duke reports. Specifically, U.S. companies expect wage hikes of over 3% in the next year and increased hiring by over 2%.
The improving economic conditions are translating into improved retail sales. In May, households increased purchases of automobiles and a range of other goods, with retail sales increasing 1.2% in May, Reuters reported.
Market observers also believe the high savings rate, rising home prices and tightening labor market to keep consumer spending fairly strong in the coming months ahead.
Market Vectors Retail ETF
For more information on the retail sector, visit our retail category.
Max Chen contributed to this article.