Summary
- U.S. August retail sales rose 0.6%, marking the third consecutive month of increases.
- Despite tariffs raising prices for some goods, consumer spending remains stable.
- Economists interpreted that wage growth exceeds the inflation rate, and the wealthy are benefiting from gains in the stock market.
U.S. August retail sales increased by 0.6%, marking the third consecutive month of gains.
On the 16th (local time), the U.S. Department of Commerce said retail sales not adjusted for inflation rose 0.6%, similar to July. This exceeded forecasts from a Bloomberg survey of economists.
Retail sales excluding automobiles rose 0.7%.
Sales increased in 9 of 13 categories, with online retailers, clothing stores, and sporting goods showing gains related to back-to-school shopping demand.
Despite some price increases for certain goods due to tariffs, consumers are still increasing spending at a healthy level, analysts said.
Economists interpreted that although the labor market has cooled and wage growth has slowed, wage increases for many workers still outpace inflation, and especially the wealthy are benefiting from gains in the stock market.
Kim Jeong-a, guest reporter kja@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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