Retail Sales Up on Auto Demand
U.S. retail sales, driven by auto demand, increased less than expected in August, a government report said Friday.
It was seen by some observers as a troubling sign for consumer spending in a time of adverse credit conditions, the Wall Street Journal said.
The U.S. Commerce Department said retail sales increased by 0.3 percent last month, down from July’s 0.5 percent.
In a separate report, Commerce said the U.S. current-account deficit narrowed last spring as overseas sales climbed for cars, farm products and industrial goods.
If not for car sales, overall retail sales would have dropped last month. The Commerce report showed automobile and parts sales surged by 2.8 percent in August after a 0.3 percent drop in July,
Sales of all retailers except auto and parts dealers decreased in August by 0.4 percent.