Retail sales rise 0.6% in August as inflation on many items eases, but gas price hike boosts number
Shoppers stepped up their buying modestly as inflation on many items eased, but they still face a host of economic challenges over the next few months
Retail sales rise 0.6% in August as inflation on many items eases, but gas price hike boosts number
Show all 2Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Americans stepped up retail spending modestly from July to August as the price of gasoline jumped, cutting into budgets as many families send their kids off to school.
Retail sales rose 0.6% in August, compared with a revised 0.5% increase in July, according to a report issued by the Commerce Department on Thursday.
The big rise in gas prices accounted for more than half of the inflation increase recorded in August, the U.S. reported Wednesday.
Excluding gas, retail sales were just up 0.2%, according to the report.
Sales at gas stations rose a robust 5.2%, while furniture and home furnishings stores saw a 1% drop in sales. Clothing and accessories stores had a 0.9% gain. Restaurants saw a 0.3% increase. Grocery stores had a 0.4% increase.
The uptick in retail sales reflects the economy’s resiliency despite a still tough economic environment. Yet spending has been volatile this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in the spring and summer.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.