Financial News: U.S. Retail Sales Unexpectedly Inch Higher In August

U.S. Retail Sales Unexpectedly Inch Higher In August

09/17/2024 - 09:33:00 (RTTNews)

(RTTNews) - Retail sales in the U.S. unexpectedly crept higher in the month of August, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said retail sales inched up by 0.1 percent in August after surging by an upwardly revised 1.1 percent in July.

The uptick surprised economists, who had expected retail sales to dip by 0.2 percent compared to the 1.0 percent jump originally reported for the previous month.

Excluding a slight pullback by sales by motor vehicle and parts dealers, retail sales still crept up by 0.1 percent in August after climbing by 0.4 percent in July. Ex-auto sales were expected to rise by 0.2 percent.

The modest increase by ex-auto sales partly reflected sharply higher sales by miscellaneous store retailers and non-store retailers.

Sales by health and personal care stores also saw notable growth, while sales by gas stations, electronics and appliance stores and department stores saw significant decreases.

"Retail sales pushed higher in August after leaping in July," said FHN Financial Economic Analyst Mark Streiber. "The trend over the past several months shows that consumption continues to drive the expansion, and that the economy does not appear to be on the brink of recession."

He added, "That being said, seven of the major categories fell in August, but at least two of them fell because of price declines, not lower volume."

The report said core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.3 percent in August after climbing by 0.4 percent in July.

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