Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Retail sales shot up 0.6% in August, buoyed in part by prices but also by an unexpectedly brisk pace of sales at auto dealers and especially online shopping which posted a 2.0% gain during the key back-to-school month.August Rush
Retail sales shot up 0.6% in August, an out-turn that handily exceeded the 0.2% increase expected by the consensus forecast. There were a few surprises in the underlying details and some reasons to take the brisk pace of spending with a grain of salt; but the bottom line is that consumer spending remains resilient in the face of tariffs and a softening labor market.