US advance retail sales growth slows in August
FXStreet (Mumbai) – The US retail sales growth climbed in August despite the turmoil in the financial markets and global economy, but at a slower rate than expected rate.
The advance retail sales rose 0.2%, missing the estimated drop to 0.3% from July’s upwardly revised 0.7%. The majority of the sub categories witnessed a rise in sales with auto dealers, restaurants and clothing stores leading the rise.
Retail sales excluding autos increased 0.1% in August after advancing 0.6% the month before. The number also missed the estimate of 0.2%. Retail sales ex Autos and Gas, food services used to calculate gross domestic product rose 0.4% following a 0.6% rise in July.
Focus now shifts to the US monthly CPI and Thursday’s FOMC rate decision. The fed funds futures indicate a 25% probability of Fed officials raise their benchmark interest rate for the first time since 2006.
The US retail sales growth climbed in August despite the turmoil in the financial markets and global economy, but at a slower rate than expected rate.
(Market News Provided by FXstreet)