WASHINGTON, Sept 16 (Reuters) – U.S. retail sales rebounded more than expected in August as households stepped up purchases of motor vehicles and \u200cstocked up for the new school year, reinforcing the economy’s resilience \u200ceven as consumers grow more anxious about high inflation. <\/p>\n
Retail sales jumped 1.2% last month after a \u200brevised 0.5% drop in July, which was the first decline in nine months, the Commerce Department’s Census Bureau said on Wednesday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rebounding \u200c0.8% after a previously reported \u20600.6% drop in July. Estimates ranged from as low as a 0.2% gain to as high as a 1.1% increase. <\/p>\n
Last \u2060month’s increase also partially reflected higher gasoline prices, which lifted receipts at service stations. <\/p>\n
Households have continued to spend despite stubbornly high inflation because of the oil price \u200bshock and \u200bsupply chain strains from the U.S.-led war \u200bwith Iran. Consumers have, however, \u200cbecome more selective and are seeking lower-priced goods. Consumer sentiment deteriorated this month. <\/p>\n
Spending is being supported by steady wage growth and recent stock market gains. Households are also saving less and tapping into their nest eggs. The strength in retail sales, together with elevated price pressures and a labor market that is \u200cregaining its poise after wobbling through much \u200bof summer, further strengthens financial market expectations that \u200bthe Federal Reserve will raise \u200binterest rates later on Wednesday. <\/p>\n
Retail sales excluding automobiles, gasoline, building \u200cmaterials and food services surged 1.4% \u200blast month after an \u200bunrevised 0.4% decline in July. Economists had forecast these so-called core retail sales, which correspond most closely with the consumer spending component of \u200bgross domestic product, rising \u200c0.4%. <\/p>\n
Economic growth estimates for the third quarter currently exceed a 2.0% annualized \u200brate. The economy grew at a 1.5% pace last quarter. <\/p>\n
(Reporting \u200bby Lucia Mutikani; Editing by Chizu Nomiyama) <\/p>\n","protected":false},"excerpt":{"rendered":"
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