Retail sales rose in August, showing inconsistent consumer spending
The Commerce Department reported on Tuesday that retail sales in the month of August saw a surge highlighting an uneven recovery for the economy as consumer spending habits keep swinging every month. The retail sales saw a 1.8% decline in July and then a climb of 0.7% in August. Economists say that the growth in August was better than what they had expected. This was due to a rise in spending on items like clothing, electronics, furniture and home goods. However, restaurants and bars saw a fall in sales after there was arise in July.
Adding to this rise was also the back-to-school season as families prepared for the return. This resulted in a rise in the purchase of items like sporting goods, books and musical instruments. Sales at e-commerce sites also saw a rise of 6% after they fell in July. As for the automobile industry, there was a reported shortage in computer chips and sales were down by 4.5% in August. The Labor Department also reported that the price of consumer goods continued to climb at a slow pace in the month of August.
Source: The New York Times
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