Retail sales unexpectedly edge higher in August despite high inflation

video

Retail earnings stay strong despite high inflation

CFRA senior equity analyst Arun Sundaram and Strategic Wealth Partners CEO Marc Tepper discuss markets as earning season continues.

Spending at retail stores inched higher in August even as Americans continued to confront inflation that is near a multi-decade high.

Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 0.3% in August, up slightly from the prior month, the Commerce Department said Thursday. Economists surveyed by Refinitiv expected sales to be flat at 0%.

This marked an uptick from the decline of 0.4% in July, which was downwardly revised from the 0% that was initially reported.

This is a developing story. Please check back for updates.

Source: Read Full Article

click fraud detection