Auto Sales Keep Retail Revving Up 0.2% for August
Retail and food services sales increased a seasonally adjusted 0.2% to $427 billion for August, according to a Commerce Department report (link opens as PDF) released today.
After sales headed up a revised 0.4% in July, analysts were underwhelmed by August's results, having expected a similarly sized 0.5% gain.
When excluding more volatile automobile sales, August's numbers are slightly more in line with estimates. Auto sales increased 0.9%, putting retail sales, less motor vehicles, at 0.1% growth compared to analysts' 0.3% expectations. Gasoline station sales, often a more volatile variable, stayed steady for August.
Outside of these two sectors, miscellaneous store retailers led sales with a 1% increase, while building material & garden equipment dealers fell behind with a 0.9% drop.
Over the last year, retail sales are up 4.7%. Motor vehicle & parts dealers take the sales cake with a 10.9% gain, while gasoline stations lag in last place with a 1.5% decline in sales.
The article Auto Sales Keep Retail Revving Up 0.2% for August originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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