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Strong Retail Sales Offer Hope for U.S. Economy
American retail sales, which climbed a revised 1.2% from July to August, rose 1.1% last month, the Dept. of Commerce reports.
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American retail sales, which climbed a revised 1.2% from July to August, rose 1.1% last month, the Dept. of Commerce reports. The increases were the largest back-to-back monthly gains since October 2010.
Gasoline sales rose 2.5% month over month as fuel prices increased in September. But the jump didn't cause consumers to pull back on other purchases. Auto demand grew 1.3% and electronics sales jumped 4.5%.
Economists say robust retail sales are a good sign for the U.S. economy because they are a big component of consumer spending, which accounts for 70% of gross domestic product.
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