IE Business Daily Business news for the Inland Empire.
U.S. retail sales rose in August, the result of rising consumer demand and a decline in inflation making up for a slight drop in job growth, according to a report.
Retail sales nationwide, were up 0.4 percent month-over-month and 2.1 percent year-over-year, according to the National Retail Federation and CNBC.
The month-over-month number was adjusted for seasonal factors that typically influence retail sales, the year-over-year number was unadjusted. Both excluded automobiles and gasoline.
“Consumers continued to spend on household priorities in August,” Federation President Matthew Shay said in a statement. “This is despite a slowing labor market that is expected to prompt the Federal Reserve to lower interest rates in September. “Wage gains and lower inflation should keep consumers on solid footing heading into the holiday season.”
Sales were up two percent during the first eight months of the year, according to the report.
