U.S. retail sales rose moderately in August, driven higher by a jump in auto buying and healthy online sales, evidence that consumers are still spending enough to support growth.
The Commerce Department said Friday that retail sales increased 0.4% last month, down from a strong 0.8% in July.
The economy is still creating jobs, though at a slower pace than last year, and wages are rising at a decent rate. That should continue to underpin Americans' ability to spend. "For now, the consumer looks strong, but the outlook is deteriorating as confidence falters in the face of the tariffs and, over the next few months, slowing job gains," Shepherdson said.
Home and garden centers reported a strong 1.4% gain, which may have been partly spurred by preparations for Hurricane Dorian. Sales at sporting goods and health care stores also rose. Given this environment, the pace of retail bankruptcies and store closures in the U.S. picked up in the first half of the year, according to a report Wednesday from professional services firm BDO USA LLP. Fourteen retailers filed for bankruptcy during the first half of the year, including some like Shopko and Charlotte Russe that have liquidated.
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