FROM DAILY MAIL: Shoppers spent more money than expected in August. Its either the latest sign of America’s economic resilience, or another warning sign on further price hikes.
Consumer spending rose 0.6 percent last month, handily beating Wall Street’s 0.2 percent expectation. Retailers were buoyed by back-to-school spending and a spike in restaurant purchases.
The Commerce Department also revised July’s retail spending numbers up to 0.6 percent. It was previously 0.5 percent.
The performance, announced on Tuesday, was likely also aided by the persistent efforts of Americans to increase purchases before anticipated price hikes related to President Donald Trump’s tariffs.
“Given the recent labor market data, retail sales were a big question coming into this week,” Bret Kenwell, an investment analyst at eToro, told the Daily Mail. “In other words, would the recent job weakness impact consumer spending? The short answer appears to be no.”
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