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US retail sales dropped in August, falling below forecasts for the month and revealing a dip in consumer-spending strength—which has been propelling the economy forward for some time.
Consumer purchases dropped 0.3% in August compared to the prior month and sales fell 0.1% (not including auto sales). Bloomberg’s surveyed economists projected a 0.1% decline.
Retail sales fell in seven of 12 retail categories, Bloomberg reports, and the shift in consumer spending coupled with weak job growth last month could hinder any second-half economic rebound. Federal Reserve policymakers will take this report into account when determining the health of the economy and settling the debate regarding an interest rate hike. [Bloomberg]
