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US Retail Sales Surpass Expectations in August
Confirmed
In Short: US retail sales grew 1.2% month-over-month in August, outpacing forecasts and bolstering economic optimism.
US retail sales rebounded significantly in August, growing 1.2% month-over-month, surpassing expectations for a 0.8% increase, according to Action Forex reports.
Excluding autos and gasoline, sales rose 1.2%, with a strong 1.4% growth in non-auto sales, more than doubling the consensus estimate. Building-material sales and department-store receipts were the main weak spots, falling 0.2% and 0.8%, respectively.
Gasoline-station receipts surged 3.1%, driven by higher fuel prices, but sales excluding gasoline still gained 1.1%, indicating that the headline surprise was not solely due to energy prices. Retail sales at shops and online rose 1.2%, as reported by the Commerce Department.
The robust retail sales data does not alter expectations for today’s anticipated Federal Reserve rate hike but strengthens the case against a dovish policy stance, according to Action Forex analysis. Retail sales soared in August, defying predictions of a pullback in spending due to consumer sentiment and rising gasoline prices, Breitbart reported.
What's confirmed
- US retail sales rebounded significantly in August, growing 1.2% month-over-month, surpassing expectations for a 0.8% increase, according to Action Forex reports.
- Excluding autos and gasoline, sales rose 1.2%, with a strong 1.4% growth in non-auto sales, more than doubling the consensus estimate. Building-material sales and department-store receipts were the main weak spots, falling 0.2% and 0.8%, respectively.
- Gasoline-station receipts surged 3.1%, driven by higher fuel prices, but sales excluding gasoline still gained 1.1%, indicating that the headline surprise was not solely due to energy prices. Retail sales at shops and online rose 1.2%, as reported by the Commerce Department.
- The robust retail sales data does not alter expectations for today’s anticipated Federal Reserve rate hike but strengthens the case against a dovish policy stance, according to Action Forex analysis. Retail sales soared in August, defying predictions of a pullback in spending due to consumer sentiment and rising gasoline prices, Breitbart reported.
What's still developing
- But those sales did not weigh on sales at other retailers.
- Twelve of the categories tracked by the Bureau of Economic Analysis saw higher sales.
- Only building materials and garden center store sales declined, slipping 0.2 percent.
- In the first eight months of this year, sales are up 5.2 percent compared with the year-earlier period.