Retail Sales Make Strong Recovery in August
The U.S. Department of Commerce has released the retail sales report for the month of August. After another consecutive disappointing month in July, retail sales changed their tune and made a strong recovery for August — and the July reading's revision makes it look better than the initial report indicated.
Retail sales for the month of August rose by 0.6% to match up perfectly against the Bloomberg estimate of 0.6%. This is up from July, when retail sales were revised to 0.3% from its initial reading of completely flat, and that was on the heels of June's reading of 0.2%.
The August report showed that the retail sales ex-autos were up by 0.3%, also matching the Bloomberg consensus estimate of 0.3%. The month of July had a retail sales ex-autos revised to 0.3% and June's reading was 0.4%. The retail sales less autos and gas was up 0.5%, against its estimate of 0.4%. The retail sales less autos and gas in July was revised to 0.3%, after jumping to 0.6% in June.
What stands out here is that as gasoline prices have been dropping, the consumer has more money to spend on other things.
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Filed under: Economy