Decline in auto sales slows US retail spending in August

Total retail sales gained for the seventh straight month, but the increase was a tepid 0.1 percent, the Commerce Department said
Total retail sales gained for the seventh straight month, but the increase was a tepid 0.1 percent, the Commerce Department said in a monthly report, which was well below the consensus estimate among economists

Falling auto sales in August slowed US retail spending, but a higher-than-originally reported figure for July meant the overall pace was well above 2017, the government said Friday.

Sales of clothing and furniture also fell last month, while department stores continued their , but spending on electronics and appliances as well as health care were solid.

The biggest increase was the 1.7 percent jump in gasoline station sales, which are now up more than 20 percent over August of last year.

Total retail sales gained for the seventh straight month, but the increase was a tepid 0.1 percent, the Commerce Department said in a monthly report, which was well below the consensus estimate among economists.

That rise put 6.6 percent higher than the same month of 2017. Meanwhile, sales in July were revised up to show a 0.7 percent gain, better than originally reported.

Excluding autos, which declined 0.8 percent in August, total retail sales showed a more healthy increase of 0.3 percent, which make it 7.3 percent higher than a year earlier.

While brick-and-mortar stores continued to decline, online retailers like Amazon saw more gains, with a 0.7 percent increase putting sales more than 10 percent higher than last year.


Explore further

Chinese auto sales fall for second month in August

© 2018 AFP

Citation: Decline in auto sales slows US retail spending in August (2018, September 14) retrieved 17 July 2019 from https://phys.org/news/2018-09-decline-auto-sales-retail-august.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
3 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more