US Retail Sales Unexpectedly Rise 0.1% in August; Core Sales Also Up

Sep 17, 2024, 12:31 PM

US retail sales unexpectedly rose by 0.1% in August, defying economists' forecast of a 0.2% decline. This follows a 1% increase in July. Core retail sales, which exclude autos and gas, also saw a modest increase of 0.1%, below the expected 0.2%. The data indicates resilience in consumer spending despite economic uncertainties. Notable sector performances include a 1.4% rise in e-commerce and a 0.7% increase in health and personal care sales. However, declines were observed in several categories, including electronics (-1.1%), department stores (-1.1%), and gas stations (-1.2%). Retail sales ex-gas and autos rose 3.3% year-over-year, and there was improvement across the board in 3-month annualized growth in various retail sales categories.