US retail sales rebound sharply in August
Commerce Department data showed gains at online retailers, clothing stores, furniture stores and restaurants as consumers spent more after July’s decline.
- Retail sales rose 1.2% in August according to Commerce Department data released Wednesday, rebounding from a revised 0.5% dip in July as consumers spent at a better-than-anticipated pace.
- Many Americans spent heavily during the World Cup and Amazon Prime Day this summer, following heavy retail traffic earlier in the year when consumers dipped into government tax refunds.
- Online retailers registered a 2.6% gain, while excluding gas stations, retail sales rose 1.1%; clothing stores rose 0.7% and furniture stores saw a 0.9% increase.
- Americans continue to spend despite increasing gas prices that reached $4.37 per gallon according to AAA, following renewed fighting in the Middle East.
- These government figures are not adjusted for inflation and offer only a snapshot of consumer spending, notably excluding service activities like travel and hotel stays.
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61 Articles
U.S. consumer spending rebounded sharply in just one month. The U.S. Department of Commerce announced on the 16th (local time) that retail sales in August recorded $773.9 billion, up 1.2% from the previous month. This exceeded market expectations of 0.8% and broke away from the 0.5% decline seen in July. Sales increased in 12 out of 13 total sectors. Non-store retail sales rose 2.6%, driven by the increase in online shopping,
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August Retail Sales Jump 1.2% as Consumers Spend Across Most Categories
U.S. retail sales climbed well above forecasts in August as consumers increased spending online, at restaurants and across most major store categories despite higher gasoline ... The post August Retail Sales Jump 1.2% as Consumers Spend Across Most Categories first appeared on [your]NEWS.
(New York = Yonhap News) Correspondent Kim Yeon-sook = U.S. retail sales in August rose sharply compared to the previous month, recovering from the consumption slump in July.
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