US Retail Sales Rise 1.2% in August After Dropping in July
U.S. retail sales rose 1.2% in August, exceeding the projected 0.8% increase and recovering from a decline in July. The growth was broad-based, with 12 of 13 retail categories reporting gains bolstered significantly by back-to-school shopping. These results indicate that consumer spending remains resilient despite the pressure of higher gasoline prices.
US retail sales rose broadly in August showing that consumers are still spending despite higher gasoline prices. Twelve of 13 retail categories reported increases, boosted by back-to-school shopping. Sales were up by 1.2% beating the estimate of 0.8%. Bloomberg's Michael McKee reports from Washington. (Source: Bloomberg)
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