US retail sales unexpectedly rise in August
WASHINGTON, Sept 17 (Reuters) -U.S. retail sales unexpectedly rose in August, suggesting that the economy remained on a solid footing through much of the third quarter.
Retail sales increased 0.1% last month after an upwardly revised 1.1% surge in July, the Commerce Department's Census Bureau said on Tuesday.
Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, falling 0.2% after a previously reported 1.0% jumpin July. Estimates ranged from a 0.6% decline to a 0.6% gain.
The report was published as Federal Reserve officials prepared to gather for a two-day policy meeting.
Most economists expect the U.S. central bank to cut interest rates by 25 basis points on Wednesday, arguing that the economy is not in distress to warrant the half-percentage-point reduction being anticipated by financial markets.
The unemployment rate fell to 4.2% in August after four straight monthly increases pushed it to near a three-year high of 4.3% in July. The jobless rate has been largely driven by increased labor supply from immigration, which is now slowing.
Layoffs remain low by historical standards, leaving the labor market in a position to continue generating steady wage gains that are supporting consumer spending and the overall economy. Economists are split on the implications that a declining saving rate could have on spending.
Some view the saving rate, which dropped to 2.9% in July and is near levels last seen in 2008, as portending softer spending ahead. They also expect precautionary saving to rise if the labor market deteriorates, which could weigh on spending.
Others, however, argued that the government was not fully capturing income earned by undocumented immigrants. They also pointed to strong household balance sheets against the backdrop of higher house and stock prices as supportive of future consumer spending.
The Fed has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range for more than a year, having raised it by 525 basis points in 2022 and 2023.
Retail sales excluding automobiles, gasoline, building materials and food services increased 0.3% last month after rising by an upwardly revised 0.4% in July.
These so-called core retail sales were previously reported to have gained 0.3% in July.
Core retail sales correspond most closely with the consumer spending component of gross domestic product. Consumer spending accelerated in the second quarter, putting it on a higher growth path heading into the July-September quarter.
Growth estimates for the third quarter are around a 2.5% annualized rate. The economy grew at a 3.0% pace in the second quarter.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.
