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- U.S. retail sales increase more than forecast in August
U.S. retail sales increase more than forecast in August
The Commerce
Department announced on Friday the sales at U.S. retailers rose 0.4 percent
m-o-m in August, following a revised 0.8 percent m-o-m advance in July
(originally a gain of 0.7 percent m-o-m), primarily supported by higher auto
buying.
Economists had
expected total sales would increase 0.2 percent m-o-m in August.
Excluding auto,
retail sales were unchanged m-o-m in August after an unrevised 1.0 percent
m-o-m surge in the previous month, missing economists’ forecast for a 0.1
percent m-o-m gain.
Meanwhile,
closely watched core retail sales, which exclude automobiles, gasoline,
building materials and food services, and are used in GDP calculations, rose 0.3
percent m-o-m in August after a 0.9 percent m-o-m rise in July.
In y-o-y terms,
the U.S. retail sales surged 4.1 percent in August, accelerating from an
advance of 3.4 percent in the previous month.
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