July’s retail sales were also revised upward, from a previously reported 1.0% increase to 1.1%, providing additional momentum to the retail sector.
Core Retail Sales Show Positive Growth
Excluding auto and gas sales, retail sales rose by 0.2% in August, though this was slightly below the consensus estimate of a 0.3% increase. The control group, which strips out more volatile categories and factors into the GDP calculation, grew by 0.3%, meeting market expectations. These figures suggest that the core components of retail spending remain healthy, contributing positively to overall economic growth.
Nonstore Retailers Lead Growth
Among the key segments, nonstore retailers, including e-commerce platforms, showed the strongest year-over-year growth, with an impressive 7.8% increase. Meanwhile, food services and drinking places rose by 2.7% from August 2023, signaling sustained…
Read More
