U.S. Retail Sales Fall After Downward Revisions in Prior Months
Friday, 15 September 2017 19:48 WIB | ECONOMY |Retail SalesEkonomi AS
An unexpected decline in August retail sales and downward revisions to the prior two months indicate Americans tempered their spending during the summer, Commerce Department figures showed Friday.
Highlights of Retail Sales (August)
Overall sales fell 0.2% (est. 0.1% gain) after a 0.3% increase (prev. 0.6% gain); June sales dropped 0.1% (prev. 0.3% rise)
Purchases at auto dealers dropped 1.6% after no change
Retail-control group sales, which are used to calculate GDP and exclude the categories of food services, auto dealers, building materials stores and gasoline stations, decreased 0.2% following a 0.6% advance
5 of 13 major retail categories showed a decline in August sales
The August decline in sales and downward revisions to the prior months make it more likely that consumption, the biggest part of the economy, will be hard-pressed to match the 3.3 percent growth pace of the prior quarter.
Retail control group™s sales rose an annualized 1.1 percent in the three months ended in August, marking a slowdown from the 3.9 percent pace from May through July, the report showed. At the same time, purchases increased at furniture outlets and restaurants.
Source : Bloomberg