Shoppers stepped up their buying modestly as inflation on many items eased, but they still face a host of economic challenges over the next few months
File - A Kate Spade bag is displayed in the window of a Kate Spade store in Pittsburgh on Jan. 30, 2023. The Commerce Department releases U.S. retail sales data for August.Americans stepped up retail spending modestly from July to August as the price of gasoline jumped, cutting into budgets as many families send their kids off to school.
The big rise in gas prices accounted for more than half of the inflation increase recorded in August, the U.S. reported Wednesday.Sales at gas stations rose a robust 5.2%, while furniture and home furnishings stores saw a 1% drop in sales. Clothing and accessories stores had a 0.9% gain, likely helped by back-to-school spending. Restaurants saw a 0.3% increase. Grocery stores had a 0.4% sales increase.
Inflation jumped last month largely because of the spike in gas prices but other costs rose more slowly, suggesting price pressures are easing at a gradual pace. America’s employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed.
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