|09-13-2014, 02:22 PM||#1|
U.S. Retail Sales Jump The Most In Four Months
U.S. retail sales increased in August at the fastest pace since April, asserting a strong economic outlook for the second half of the year.
Retail sales rose a seasonally adjusted 0.6% in August, the Commerce Department said on Friday, and were in line with expectations by Bloomberg analysts.
Retail sales excluding autos increased 0.3% last month, topping estimates of 0.2%.
Sales were revised higher in June and July – sales were revised to 0.3% of unchanged in July, and up to 0.4% from 0.2% in June. On a yearly basis sales grew 5.0%.
Auto sales rose 1.5% in August, the largest increase since March. Sales of cars and light trucks rose to a 17.5 million annualized rate, the highest since January 2006, according to data released from Ward’s Automotive Group earlier.
The report showed broad-based gains across most sectors, with only general-stores and department stores showing declines.
Gas station sales were hurt by lower prices as expected.
Regular gasoline sold at an average $3.42 a gallon as of Sept. 10, the lowest in more than six months, according to AAA, the biggest U.S. motoring group. Lower fuel prices are freeing up money for consumers to spend elsewhere.
Another report today showed a decline in the cost of oil helped push down prices of imported goods by 0.9 percent, the most since November, according to figures from the Labor Department. Compared with the same month last year, import prices fell 0.4 percent.
The 4.6 percent drop in the cost of imported fuel last month was the biggest since June 2012, the report showed.
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