Economy

US Retail Sales Fell in August

US Retail Sales Fell in August”

Total retail sales volumes in the USA declined by 0.2% month-on-month in August to reach $474.8bn, according to the Department of Commerce. The release was weaker than consensus forecasts of a 0.1% gain and annual growth declined to 3.2% from 3.5%.

Retail sales fell in August, surprising economists and bond strategists who expected a small gain.

The month-over month decrease was 0.2%, according to the government's report.

Retail sales fell in August as the automobile, electronics and clothing categories all fell back during the month.

The -0.2% drop in the Control Group was unexpected vs. +0.2% consensus.

There was a 0.3% increase in food and drinking places which should sustain confidence in discretionary spending.

If there was a surprise in the data it might have been with sales for nonstore retailers. But they remain confident that a healthy labor market will boost consumer spending in coming months.



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