U.S. Retail Sales Slow Further in August as Benefits Expire

imageEconomic Indicators2 hours ago (Sep 16, 2020 08:40AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — U.S. retail sales grew at the slowest rate in four months in August, as spending tailed off in the wake of the expiry of enhanced unemployment benefits at the end of July.

The Commerce Department said that overall retail sales grew only 0.6% in August from July, rather than the 1.0% rise expected. July’s rise of 1.2% was also revised down to 0.9%. Growth in core retail sales, a series that excludes automobiles, also slowed to 0.7% from a downwardly revised 1.3% a month earlier.

The news is consistent with other data showing that the economic rebound has lost dynamism in recent weeks after bouncing sharply from the lows of the second quarter. U.S. industrial production and manufacturing output also slowed in August, according to figures released on Tuesday. The news comes only hours before the Federal Reserve announces the results of its latest two-day policy meeting.

U.S. Retail Sales Slow Further in August as Benefits Expire

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