BUCKING THE TREND: Despite inflation nearing a multi-decade high, Americans are still willing to spend their money shopping.
CFRA senior equity analyst Arun Sundaram and Strategic Wealth Partners CEO Marc Tepper discuss markets as earning season continues.
Spending at retail stores inched higher in August as the price of gasoline fell, but demand remained muted as consumers continue to confront scorching-hot inflation., a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 0.3% in August, the Commerce Department said Thursday. Economists surveyed by Refinitiv expected sales to be unchanged.
That is an improvement from the downwardly revised data in July, which showed that retail sales actually tumbled 0.4%. The August advance is not adjusted for inflation – which rose 0.1% last month – meaning that consumers may be spending the same but getting less bang for their buck. "Consumer spending has flatlined in real terms in the face of steep inflation and interest rate increases from the Fed," said Ben Ayers, a senior economist at Nationwide. "While retail sales continue to move higher, much of this is due to higher prices which push up the dollar volume of sales.
Sales at motor vehicle and parts dealers led all categories, jumping 2.8% last month, helping to offset a 4.2% decline in gasoline sales. Shoppers walk through a supermarket in Montebello, California, on Aug. 23, 2022.The data comes as consumers face the worst inflation spike in a generation: The government reported earlier this week that the consumer price index – which measures a basket of everyday goods including rent, food and health care – climbed 0.1% in August on a monthly basis and 8.
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