Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Retail Sales Unexpectedly Jump in Sign of Resilient Demand

Economic IndicatorsSep 16, 2021 08:45AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. U.S. Retail Sales Unexpectedly Jump in Sign of Resilient Demand

(Bloomberg) -- U.S. retail sales unexpectedly rose in August as a pickup in purchases across many categories more than offset weaker demand for vehicles. 

The value of overall retail purchases climbed 0.7% last month following a downwardly revised 1.8% decrease in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest gain in five months.

The median estimate in a Bloomberg survey of economists called for a 0.7% decline in overall retail sales, with forecasts ranging from a 3.3% drop to a 1.1% gain. 

U.S. stock-index futures pared losses and bonds slipped after the report.

The surprising improvement in sales, underpinned in part by back-to-school shopping and payments for millions of families with children, suggests resilient demand for goods. The report showed firmer receipts at non-store retailers, general merchandise stores, furniture outlets and grocery stores.

The delta variant is curbing demand for services such as travel and leisure. The retail sales data showed receipts at restaurants and bars, the only services-spending category in the report, stagnated in August. Grocery store receipts climbed 2.1%.

Still, a surge in Covid-19 infections, rising prices and persistent supply chain challenges prompted a wave of downgrades to third-quarter economic growth forecasts in recent weeks. 

Earlier this month, economists at Goldman Sachs Group Inc (NYSE:GS). downgraded their third-quarter consumption forecast to a 0.5% annualized decline because of delta’s impact on services spending.

Separate data on Thursday from the Federal Reserve Bank of New York showed an index of services business activity in the region slumped 13 points in September to 14.4, indicating softer growth. Another gauge showed a deterioration in the business climate. 

 

 

U.S. Retail Sales Unexpectedly Jump in Sign of Resilient Demand
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Jon Bal
Jon Bal Sep 16, 2021 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i wonder if retail sales up have anything to do with the price of everything up?
Kristof Naessens
Kristof Naessens Sep 16, 2021 9:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It's called inflation
Scott Espeseth
Scott Espeseth Sep 16, 2021 9:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
With PUI expiration Sept is going to be worse
Curtis Presley
Curtis Presley Sep 16, 2021 9:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
OK mapoor
vicky kumar
vicky kumar Sep 16, 2021 9:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
jamura kartab dikha
perplexed76 .
perplexed76 . Sep 16, 2021 9:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it will be revised next month but who cares this month?
TheEnd IsNigh
TheEnd IsNigh Sep 16, 2021 9:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Let's see consistency before we jump to any conclusions. July also beat expectations before August was worse. Peak retail season starts in a couple of months...that will provide us with the state of the consumer after all the terrible decisions the government/Fed have made.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email