Capital Economics North America economist Thomas Ryan wrote in a research note that Thursday's release should "dispel any fears that overall consumer spending is faltering in response to tariffs."

"Delayed tariff price increases and steady income growth continue to fuel spending despite weak survey data indicating building concerns by households," Nationwide senior economist Ben Ayers wrote in a note to clients. "The strong June for retail sales should support a solid rebound for real GDP growth in the second quarter

Also out Thursday morning, data from the Department of Labor showed 221,000 initial jobless claims were filed in the week ending July 12. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months.