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US retail sales rose more than expected in August, boosted by purchases of new vehicles and building materials, suggesting the economy remained strong, as fears of an impending slowdown continued.
The Commerce Department announced Friday that retail sales rose 0.4% in August, well above analysts' expectations, which stood at 0.2%, following the depreciated figures of July, when households boosted their purchases of cars and clothing.
At the same time, online sales also continued to rise, rising 1.6%. It's like July, when Amazon staged its two-day Prime Day sale with no tomorrow.
The US consumer has weathered the economic outlook relatively well, while uncertainty over the US-China trade war continues to shake markets.
"The manufacturing and agricultural sectors in the United States are affected by the trade war, but the consumer remains healthy and maintains overall economic growth slightly above trend," said David Berson, Nationwide's chief economist, in a statement. a statement. "Today's data is another reason to believe that the US Federal Reserve will only relax its policy by 25 basis points at next week's FOMC meeting, instead of 50 basis points more important. "
This report is the latest major economic report released before the Federal Reserve's two-day meeting next week, during which policy makers are generally expected to lower interest rates.
This is a story in development. Please check again for updates.
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