U.S. Retail Sales Tick Higher In August

@AFP
U.S. Retail Sales Tick Higher In August

WASHINGTON (AFP) – U.S. retail sales edged higher in August at a weaker than expected pace, led by auto and home furnishing sales, official data released Friday showed.

Retail sales, which reflects a key component of consumer spending that is the bulwark of the U.S. economy, rose 0.2 percent in August from July, the Commerce Department said.

The increase was half the 0.4 percent rise expected by analysts.

But the department revised upward the July reading to 0.4 percent from an initial estimate of 0.2 percent.

Excluding sales of motor vehicles and equipment, retail sales rose a mere 0.1 percent in August, a marked slowdown from the revised 0.6 percent gain in July.

Total retail sales in August were up 4.7 percent year-over-year.

The mixed report, showing a weak August but a stronger July, was the last significant piece of economic data ahead of the Federal Reserve’s two-day monetary policy meeting that starts Tuesday.

The Fed is widely expected to announce a pullback in its massive monetary stimulus program on Wednesday.

The central bank has said it will taper the $85 billion a month asset-purchase program if the economy continues to show broad improvement.

Photo Credit: AFP/Scott Olson

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Mike Johnson
Speaker Mike Johnson

House Democratic leadership announced Tuesday that they’ll allow members to block any effort from Rep. Marjorie Taylor Greene (R-GA) and her tiny team of nihilists to oust Speaker Mike Johnson, a reminder of where the power sits in the House.

Keep reading...Show less
Trump Endorses Anti-Abortion Monitoring Of Pregnancy By States

Former President Donald Trump

Killing Abortion Ban Repeal

With little more than six months until Election Day, Donald Trump is preparing for an “authoritarian” presidency, and a massive, multi-million dollar operation called Project 2025, organized by The Heritage Foundation and headed by a former top Trump White House official, is proposing what it would like to be his agenda. In its 920-page policy manual the word “abortion” appears nearly 200 times.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}