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.

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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.

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Economists had forecast a 0.5 percent increase.

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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.

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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.

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

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

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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.

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

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Online shopping was strong, pushing sales up…

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