Retail sales rose in August, showing inconsistent consumer spending

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 

You might also like

For several reasons, the IT sector is appealing to job seekers. ...Read more

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Articles

A successful company not only has growing revenues, but it also boasts of a brilliant workforce. Ma ...Read more

It’s no secret that the healthcare sector has been reigning in all its powers over the years, parti ...Read more

Americans live paycheck to paycheck, making it difficult to leave their current employer. All thing ...Read more

With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...Read more