People have money 💵
They have lots of it, and they're spending it 🛍
According to Census Bureau data released Thursday, retail sales in August increased by 0.6% to a record $697.6 billion. Higher energy prices played a significant role, as gas station sales jumped by 5.2%. But even if you exclude autos and gas, which can be pretty volatile over short-term periods, retail sales still rose by 0.2%. Most retail categories grew, including clothing, electronics, health and personal care, grocery, and restaurants and bars.
The “American consumer remains absolutely resilient,“ RSM US’s Joseph Brusuelas tweeted about the report.
By most measures, the August results beat economists’ expectations. A quick Google search for news on retail sales will tell you as much.
HOWEVER, there’s been very little to suggest consumer finances are actually strained.
Keep reading with a 7-day free trial