The Commerce
Department reported on Wednesday the sales at U.S. retailers rose 0.6 percent
m-o-m in August, following a revised 0.9 percent m-o-m increase in July
(originally a 1.2 percent m-o-m gain).
Economists had
expected total sales would advance 1.0 percent m-o-m in August.
According to
the report, the largest gains in retail sales were recorded in food services
and drinking (+4.7 percent m-o-m), clothing (+2.9 percent m-o-m) and furniture
(+2.1 percent m-o-m). In addition, gasoline prices rose, supporting receipts at
service stations (+0.4 percent m-o-m), while sales of autos edged up 0.2
percent m-o-m.
Excluding auto,
retail sales grew 0.7 percent m-o-m in August after a revised 1.3 percent m-o-m
climb in the previous month (originally a 1.9 percent m-o-m surge), worse than
economists’ forecast of a 0.9 percent m-o-m advance.
Meanwhile,
closely watched core retail sales, which exclude automobiles, gasoline,
building materials and food services, and are used in GDP calculations, edged
down 0.1 m-o-m in August after a downwardly revised 0.9 percent m-o-m rise in July
(originally a 1.4 percent m-o-m jump). Economists had forecast core retail
sales growing 0.5 percent m-o-m in August.
In y-o-y terms, the U.S. retail sales rose 2.6 percent
in August after a revised 2.4 climb in the previous month (originally a 2.7
percent raise).