Retail Sales Explode Higher Showing Unexpected Consumer Strength

Retail sales soared in August, defying predictions that slumping consumer sentiment and rising gasoline prices would trigger a pullback in spending.

Sales at retail shops and online rose 1.2 percent, the Commerce Department said Wednesday. Excluding gas stations, sales rose by a strong 1.1 percent.

Economists had forecast a 0.5 percent increase.

Twelve of the categories tracked by the Bureau of Economic Analysis saw higher sales. Only building materials and garden center store sales declined, slipping 0.2 percent.

In the first eight months of this year, sales are up 5.2 percent compared with the year-earlier period. Excluding gasoline, retail sales are up 4.2 percent.

Sales at gasoline stations rose 3.1 percent, boosted by higher gas prices. But those sales did not weigh on sales at other retailers.

Sales at bars and restaurants, a highly discretionary category sometimes seen as a bellwether for consumer spending, rose 1.2 percent.

Sales at general merchandise stores were strong, rising 0.7 percent. Health and personal care store sales rose 0.9 percent. Grocery store sales rose 0.5 percent.

Electronics and appliance stores saw sales jump 1.6 percent. Clothing store sales rose 0.7 percent. Furniture store sales rose 0.9 percent.

Online shopping was strong, pushing sales up…

Original source: https://www.breitbart.com/economy/