U.S. Retail Sales Dip Unexpectedly Amid Steep Drop In Auto Sales
15 Septembre 2017 - 11:08AM
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Primarily reflecting a steep drop in auto sales, the Commerce
Department released a report on Friday showing an unexpected
decrease in U.S. retail sales in the month of August.
The Commerce Department said retail sales dipped by 0.2 percent
in August after rising by a downwardly revised 0.3 percent in
July.
Economists had expected retail sales to inch up by 0.1 percent
compared to the 0.6 percent increase originally reported for the
previous month.
The unexpected decrease in retail sales largely reflected the
sharp drop in sales by motor vehicle and parts dealers, which
plunged by 1.6 percent in August after coming in unchanged in
July.
Excluding the slump in auto sales, retail sales rose by 0.2
percent in August after climbing by 0.4 percent in July. Ex-auto
sales had been expected to increase by 0.5 percent.
Sales by gas stations surged up by 2.5 percent amid higher
prices, while sales by miscellaneous store retailers jumped by 1.4
percent.
The increases were partly offset by notable declines in sales by
non-store retailers, clothing and accessories stores and
electronics and appliance stores.
The report also said closely watched core retail sales, which
exclude automobiles, gasoline, building materials and food
services, fell by 0.2 percent in August after climbing by 0.6
percent in August.
"Nonetheless, with employment and confidence at high levels and
wages showing some tentative signs of improvement we remain broadly
upbeat on the prospects for spending," said ING Chief International
Economist James Knightley.
He added, "With business surveys suggesting ongoing healthy
growth and inventories set to provide a boost we still think US GDP
could come in close to 3% for 3Q."
Despite the monthly decrease, the Commerce Department said
retail sales in August were up by 3.2 percent compared to the same
month a year ago.
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