Retail sales in the U.S. climbed for a second straight month, a sign consumers may be looking past recent volatility in financial markets.
The 0.2% increase in August followed a 0.7% gain in July that was larger than previously reported, Commerce Department figures showed Tuesday in Washington. The median forecast of 84 economists surveyed by Bloomberg called for a 0.3% advance.
Although confidence has taken a hit from stock-market turmoil and global-growth concerns, the data show households are still putting their savings from cheap energy to work. More jobs and higher pay would go a long way in supporting household spending, which Federal Reserve policy makers are watching as they consider raising interest rates as soon as this week.
Estimates in the Bloomberg survey ranged from a decrease of 0.1% to a 0.6% gain. July retail sales were previously reported as up 0.6 percent. June data was unrevised at little changed.
In all, 10 of 13 major categories showed increases last month, including auto dealers, restaurants and clothing stores.
A 1.8% drop in receipts at gas stations weighed on the retail sales figures in August as the cost of a gallon of regular gasoline fell 7.5% last month. The government’s data aren’t adjusted for changes in prices.
Sales climbed 0.7% at automobile and parts dealers last month after rising 1.3% in July. The data mesh with industry data from Ward’s Automotive Group that showed sales of cars and light trucks soared to a 17.7 million annualized rate in August, the most since July 2005.
Ford Motor Co., Fiat Chrysler Automobiles NV and General Motors Co. all reported robust sales powered by pickups and sport utility vehicles.
Retail sales excluding autos increased 0.1% in August after advancing 0.6% the month before, the Commerce Department report showed. They were projected to rise 0.2%, according to the Bloomberg survey median.
The figures used to calculate gross domestic product, which exclude categories such as food services, auto dealers, home-improvement stores and service stations, increased 0.4% last month after rising 0.6%. The Bloomberg survey median projected a 0.3% advance.
