Cart

0

Economy

“Retail sales growth sluggish in August as consumers fight to keep up with inflation”

“…Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for inflation, which increased 0.1% in August, suggesting that spending outpaced price increases.

Inflation as gauged by the consumer price index rose 8.3% over the past year through August, while retail sales increased 9.3%. However, excluding autos, sales decreased 0.3% for the month, below the estimate for a 0.1% increase. Excluding autos and gas, sales rose 0.3%.

Sales at motor vehicle and parts dealers led all categories, rising 2.8%, helping to offset the 4.2% decline in gas stations, whose receipts tumbled as prices fell sharply. Online sales also decreased 0.7%, while bar and restaurant sales rose 1.1%…

Elsewhere, initial jobless claims for the week ended Sept. 10 totaled 213,000, a decrease of 5,000 from the previous week and better than the 225,000 estimate. Import prices in August fell 1%, less than the expected 1.2% decline…”

https://www.cnbc.com/2022/09/15/retail-sales-august-2022.html

Leave a Reply