Federal Reserve official Barkin: Noticeable improvement in consumer spending in July.

Tom Barkin, President of the Federal Reserve Bank of Richmond, said he sees signs that the U.S. consumer environment improved in July after weakening earlier this year. Barkin said on Thursday during a webinar hosted by the National Association for Business Economics, "I see signals of strength in consumer activity in July, for example, the weekly credit card data looks much healthier." Barkin is not participating in the interest rate decision vote this year. His comments come as the Census Bureau is set to release the July retail sales report on Friday. A broader measure of consumer spending by the Bureau of Economic Analysis showed a decline in purchases in the first six months of this year. "Perhaps this is just a temporary 'air pocket,' and people's spending will become healthier in the future," Barkin said, "I believe that the underlying economic dynamics remain very healthy. People have jobs. Real wages are rising."