Here come retail sales ...

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panera bread cashier John Grees/Reuters

The Commerce Department will release its monthly report on US retail sales at 8:30 a.m. ET.

Economists forecast that sales rose by 0.1% in June from May, according to Bloomberg.

Headline sales growth may be weighed down by cheaper gas and lower car sales .

Stripping out automobile and gas sales, so-called core retail sales are estimated to rise 0.4%. Both would be faster rates than the previous month.

Consumer expectations for the economy as measured by the University of Michigan's survey have softened this year. That appears to be linked to opinions about economic policy, according to Ellen Zentner, Morgan Stanley's chief US economist.

"Yet as households' optimism around tax reform ebbs and flows, a healthy backdrop for current finances and strong job growth are likely to support consumer spending," she said in a preview.

Consumer spending accounts for more than two-thirds of the US economy, and so retail sales offer a pulse check.

More to come ...

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