Americans stepped up their retail spending from July to August as gasoline prices rose, squeezing budgets as many families sent their children back to school.
Retail sales rise 0.6% in August as inflation on many items eases (Photo: just-style)
As per to a Commerce Department data reported on Thursday, retail sales rise 0.6% in August, compared to a revised 0.5% increase in July.
In the recent published article by Independent, as per to the United States, the large increase in gas prices accounted for more than half of the August inflation surge. Retail sales rise before were up 0.2% excluding gas.
Sales at gas stations increased by 5.2%, while sales at furniture and home furnishings businesses fell by 1%. Clothing and accessory shops increased by 0.9%.Restaurants increased by 0.3%. Grocery stores increased by 0.4%.
Retail sales rise shows the economy’s resilience in the midst of a continuing challenging economic environment. Nonetheless, spending has been erratic this year, despite a roughly 3% increase last January. Sales fell last February and March before the retail sales rise again in the spring and summer.
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According to the most recent quarterly financial reports from stores such as Macy’s and Target, Americans remain cautious as increasing interest rates make buying a car, a home, or using credit cards more expensive.
According to ABC News, indeed, some retailers reported an increase in credit card delinquencies. Many businesses also announced the termination of the student loan moratorium, which had given former college students some financial breathing room.
Inflation climbed last month, owing primarily to a rise in gas prices, but other costs rose more slowly, indicating that price pressures are lessening gradually.
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