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Monday, January 30, 2023
HomeNewsEconomyU.S. Retail Sales Fall More than Expected in August

U.S. Retail Sales Fall More than Expected in August


A retail sales shopper in the U.S. (Photo: Reuters)

The Commerce Department reported on Thursday U.S. retail sales fell 0.3% last month, missing economists’ expectations for a decline of 0.1%. Retail sales in the U.S. during the month of July were previously reported to have been unchanged.

Sales were up 1.9% from a year ago, but the report on Thursday showed an downwardly revised 0.1% loss. Excluding automobiles, gasoline, building materials and food services, retail sales fell 0.1% last month after a downwardly revised 0.1% drop in July. This subgroup, the so-called core retail sales, correspond most closely with the consumer spending component of gross domestic product (GDP).

Considering a weak report on manufacturing activity in August and a slowdown in job growth, the retail sales data dashes economists’ hopes of a strong rebound in economic growth in the third quarter (3Q). A report released for the prior quarter showed an abysmal rate of growth and the Atlanta Federal Reserve currently forecasts the economy growing at a 3.3% annualized rate in the third quarter.

Auto sales fell 0.9% in July and sales at service stations fell 0.8%. Sales at online retailers dropped by 0.3% and receipts at sporting goods and hobby stores fell 1.4%.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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