FOREX TradingCharts.com

Financial News: U.S. Retail Sales Growth Falls Well Short Of

U.S. Retail Sales Growth Falls Well Short Of Estimates In August

09/16/2020 - 09:24:00 (RTTNews)

(RTTNews) - Retail sales in the U.S. continued to increase in the month of August, according to a report released by the Commerce Department on Wednesday, although the pace of growth fell well short of economist estimates.

The Commerce Department said retail sales rose by 0.6 percent in August after climbing by a downwardly revised 0.9 percent in July.

Economists had expected retail sales to surge up by 1.0 percent compared to the 1.2 percent jump originally reported for the previous month.

Excluding sales by motor vehicles and parts retailers, retail sales climbed by 0.7 percent in August after leaping by a downwardly revised 1.3 percent in July.

Ex-auto sales were expected to increase by 0.9 percent compared to the 1.9 percent spike originally reported for the previous month.

The continued retail sales growth in August partly reflected sharp increases in sales by food services and drinking places, clothing and accessories stores, furniture and home furnishings stores and building materials and supplies dealers.

However, the report said closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, edged down by 0.1 percent in August after climbing by 0.9 percent in July.

The dip in core sales partly reflected a 5.7 percent plunge in sales by sporting goods, hobby, musical instrument and book stores as well as a 2.3 percent slump in sales by department stores.

"Consumers are being increasingly cautious with their outlays as the summer comes to a close," said Gregory Daco, Chief U.S. Economist at Oxford Economics.

He added, "If Congress is unable to extend fiscal aid to US households in the coming weeks, the US economy will be particularly susceptible to a cutback in consumer outlays - especially from the lowest income families."

Nonetheless, Daco noted retail sales are 1.9 percent above their pre-Covid levels, while the Commerce Department said retail sales in August were up by 2.6 percent compared to the same month a year ago.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Leading Economic Index Suggests Rebound May Be Losing Stream (12 hr(s), 31 min(s), 47 sec(s) ago)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story»

U.S. Consumer Sentiment Improves Much More Than Expected In September (12 hr(s), 44 min(s), 47 sec(s) ago)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story»

Italy Current Account Surplus Rises For First Time Since April (13 hr(s), 13 min(s), 47 sec(s) ago)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story»

Croatia Jobless Rate Steady At 9% In August (13 hr(s), 44 min(s), 47 sec(s) ago)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story»

Poland's Industrial Output Rises Less Than Expected (14 hr(s), 34 min(s), 47 sec(s) ago)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story»

Russia's Central Bank Keeps Rate On Hold (15 hr(s), 57 min(s), 47 sec(s) ago)
(RTTNews) - Russia's central bank left its key interest rate unchanged at a record low as wide ...Full Story»

Italy's Industrial Orders Rise In July (17 hr(s), 09 min(s), 47 sec(s) ago)
(RTTNews) - Italy's industrial orders and turnover increased for the third consecutive month i ...Full Story»

Eurozone Current Account Surplus Falls In July (17 hr(s), 23 min(s), 47 sec(s) ago)
(RTTNews) - The euro area current account surplus declined in July due to a fall in primary income ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Leading Economic Index Suggests Rebound May Be Losing Stream

09/18/2020 - 10:27 AM (RTTNews)
(RTTNews) - A report released by the Conference Board showed a continued increase by its reading o ...Full Story>>

U.S. Consumer Sentiment Improves Much More Than Expected In September

09/18/2020 - 10:14 AM (RTTNews)
(RTTNews) - After reporting an unexpected increase in U.S. consumer sentiment in the previous mont ...Full Story>>

Italy Current Account Surplus Rises For First Time Since April

09/18/2020 - 09:45 AM (RTTNews)
(RTTNews) - Italy's current account surplus increased for the first time in four months in Jul ...Full Story>>

Croatia Jobless Rate Steady At 9% In August

09/18/2020 - 09:14 AM (RTTNews)
(RTTNews) - Croatia's unemployment rate remained unchanged in August after easing in the previ ...Full Story>>

Poland's Industrial Output Rises Less Than Expected

09/18/2020 - 08:24 AM (RTTNews)
(RTTNews) - Poland's industrial production grew less than expected in August, data from Statis ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.