Here Comes Retail Sales...

Retail sales for July are out at 8:30 a.m. ET.

Economists polled by Bloomberg are looking for retail sales to rise 0.3% month-over-month, compared with a 0.4% rise in June.

Ex-auto and gas, retail sales are expected to rise 0.4% on the month, after a 0.1% fall the previous month.

Investors track this number to better gauge consumer spending which is said to account for 70 percent of GDP, though some argue its much lower.

David Rosenberg has said the American consumer needs to grab the torch for the U.S. to move to the next stage of the recovery, without this he said the economy will stagnate.