U.S. retail sales unexpectedly rebounded in August, with other data showing the number of people filing new claims for unemployment benefits last week fell to the lowest level in more than three months
Consumer spending, however, is likely to remain supported by persistent strength in the labor market, with other data on Thursday showing the number of people filing new claims for unemployment benefits last week fell to the lowest level in more than three months.
Retail sales, which are mostly goods and are not adjusted for inflation, increased 9.1% year-on-year in August.Some economists were disappointed that monthly sales did not reverse July's drop, despite consumers getting a reprieve from higher gasoline prices. They said this was a sign that stubbornly high inflation was forcing some cutbacks on discretionary spending as consumers focused on essential items.
Sales at clothing and general merchandise stores increased solidly, driven by back-to-school shopping. But online and mail-order retail sales fell 0.7% after being boosted in the prior month by Amazon's Prime Day promotion. Core retail sales correspond most closely with the consumer spending component of gross domestic product. A steady pace of consumer spending and strong export growth helped to limit the drag on the economy from a moderation in the pace of inventory accumulation in the second quarter.
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