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US Retail Sales Rise 1.2% in August, Exceeding Expectations
Confirmed
In Short: US retail sales increased by 1.2% in August, surpassing expectations, according to Commerce Department data.
US retail sales rebounded at a better-than-expected 1.2% increase last month, following a revised 0.5% dip in July, according to Commerce Department data released Wednesday. Much of the strength in retail last month reflected a bounce back in nonstore sales, which had declined sharply in July, economists noted.
Rising gas prices also contributed to the increase in gasoline station sales, according to a Commerce Department official. The so-called control group, which excludes food services, autos, building materials, and gas station sales, rose by a strong 1.4% last month from the prior month.
Economists attribute much of the retail sales growth to a recovery in nonstore sales, which had experienced a significant decline in the previous month. This suggests a broader improvement in consumer spending habits.
What's confirmed
- US retail sales rebounded at a better-than-expected 1.2% increase last month, following a revised 0.5% dip in July, according to Commerce Department data released Wednesday. Much of the strength in retail last month reflected a bounce back in nonstore sales, which had declined sharply in July, economists noted.
- Rising gas prices also contributed to the increase in gasoline station sales, according to a Commerce Department official. The so-called control group, which excludes food services, autos, building materials, and gas station sales, rose by a strong 1.4% last month from the prior month.
- Economists attribute much of the retail sales growth to a recovery in nonstore sales, which had experienced a significant decline in the previous month. This suggests a broader improvement in consumer spending habits.
What's still developing
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