The US Commerce Department said traffic in August rose 0.6 percent compared to July, when a 0.5 percent expansion was recorded. The average forecast by experts was for a smaller 0.2 percent increase in traffic for August.
Retail sales excluding auto sales rose 0.6 percent last month after rising 0.7 percent in July. Retail sales, excluding automobile and fuel sales, rose 0.2 percent in August after rising 0.7 percent month-on-month in July.
Excluding automobiles, fuel, building products and hospitality, retail sales rose 0.1 percent in August, after expanding 0.7 percent in July. The so-called core retail sales volume mostly corresponds to consumer spending, one of the most important components of GDP.
Gas station sales rose the most, at 5.2 percent, after gasoline prices rose by about 10 percent. In addition, sales volumes rose for clothing stores, electronics and appliances, health and personal care products, food and beverage sales, restaurants and bars, car and parts dealers, as well as building materials and garden equipment. On the other hand, among other things, the volume of sales of sports equipment, hobby products, musical instruments and books, as well as sales of furniture stores, decreased.
On an annual basis, US retail sales expanded by 2.5 percent after a 2.6 percent increase in July.
In the United States, residential consumption generates more than two-thirds of economic output, so the development of retail sales is an important indicator for assessing growth. (MTI)
