Retail sales rebounded in August as consumers kept spending and the back-to-school season kicked in
Retail sales in rebounded in August as consumers kept spending and the back-to-school season kicked in.
Total retail sales rose 1.2% in August to $773.9 billion, compared to a revised 0.5% drop in July, and were up 6% year over year, according to the Commerce Department. It was the largest monthly increase since March. Excluding gas stations, retail sales rose 1.1% in August. (The government figures are not adjusted for inflation.)
Sales at the "control group" — which excludes food services, autos, building materials and gas station sales — increased 1.4%.
Sales at non-store retailers surged 2.6%, while sales at electronics and appliance stores increased 1.6%. Sales at sporting goods, hobby, musical instrument and book retailers rose 1.2%. Furniture and home furnishings stores recorded a 0.9% gain. Sales at clothing and accessories stores inched up 0.7%.
Building materials and garden equipment was the only category to decline as sales fell 0.2%. Sales at food and beverage stores were essentially flat, with a 0.4% gain.
In comments, David Silverman, senior director, Fitch ...