U.S. retail sales increased more than expected in August, pointing to solid cons...
WASHINGTON - U.S. retail sales increased more than expected in August, pointing to solid consumer spending that should continue to support a moderate pace of economic growth.
Fed Chair Jerome Powell said last week he was not forecasting or expecting a recession, but reiterated the U.S. central bank would continue to act “as appropriate” to keep the expansion, now in its 11th year, on track. The Fed lowered borrowing costs in July for the first time since 2008. But with the Trump administration this month slapping a 15% tariff on Chinese consumer goods such as televisions, apparel, bed linens, smart watches and footwear, there are concerns retail sales could pull back. Economists and retail groups expect businesses will pass on the duties to consumers, thereby raising prices for the targeted goods.
Consumer spending, which accounts for more than two-thirds of the economy, increased at a 4.7% annualized rate in the second quarter, the most in 4-1/2 years. The inventory increase bodes well for GDP growth this quarter. The Atlanta Fed is forecasting the economy to grow at a 1.8% rate in the third quarter. The economy grew at a 2.0% rate in the April-June quarter, down from the first quarter’s brisk 3.1% pace.
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