With consumer spending accounting for some 70% of all economic activity, experts pay special attention this indicator to gauge broader economic health.

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Wall Street pays close attention to this metric as an indicator of growth potential, because strong figures suggest that a retailer does not depend on new store openings for revenue and earnings increases.

FORBES: Pumping Up Sales

With GDP growth generally a lagging indicator, it is often more rewarding to pay attention to policies that encourage economic growth when trying to predict outperforming global markets, says Vlad Signorelli, Global Research Director at Brettonwoods Research LLC.

FORBES: Emerging Market Growth Beats US

Economists pay close attention to the data, though, for their use as an indicator of consumer spending, the key driver of U.S. economic growth.

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In fact, with GDP growth generally a lagging indicator anyhow, it is often more rewarding to pay attention to policies at the margin that encourage economic growth when trying to predict outperforming global markets, says Vlad Signorelli, global research director at boutique investment research firm Brettonwoods Research LLC in New Jersey.

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