Retail sales in US soar by 0.1 percent last month to reach USD710.8B
Date
9/18/2024 4:58:27 AM
(MENAFN) In August, US retail sales rose by 0.1 percent, reaching a total of USD710.8 billion, according to advance figures released by the US Commerce Department on Tuesday. This increase surpassed market expectations, which had forecasted a decline of 0.2 percent. The growth in retail sales reflects ongoing consumer spending and resilience in the retail sector, despite prior uncertainties about economic trends.
For July, the figures were adjusted upward from an initially reported gain of 1 percent to an increase of 1.1 percent, with the total reaching USD710.8 billion. This revision indicates a stronger performance in retail sales than previously estimated. Comparing year-over-year data, retail sales in August showed a 2.1 percent increase from the same month last year, signaling sustained consumer activity and spending power.
The Commerce Department noted that total retail sales for the period from June to August 2024 were up 2.3 percent compared to the same period the previous year. This trend suggests that consumer demand remains robust, contributing positively to the broader economic indicators. Retail trade sales specifically saw a 0.1 percent increase in July from the previous month and a 2 percent rise compared to the same month last year.
Dana Peterson, chief economist at the Conference Board, observed that retail sales for the July-August period were 3.3 percent annualized above the second quarter, indicating continued positive growth in consumer spending. Despite potential concerns about a pullback in spending and economic uncertainty following market fluctuations, Peterson projected a 0.8 percent annualized growth in real GDP for the third quarter. She noted that the retail sales data is unlikely to significantly impact the Federal Reserve’s upcoming decision on monetary policy, with expectations that any interest rate cuts will be modest, reflecting a balanced economic outlook.
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