Americans picked up their spending in August even as inflation nears a four-decade high.
U.S. retail sales rose an unexpected 0.3% last month after falling 0.4% in July, the Commerce Department said Thursday. Excluding business at gas stations, sales rose 0.8%.
There was, however, weakening in some areas of discretionary spending with Americans fully aware of inflation’s bite. Business at restaurants ticked up 1.1%, but the pace has slowed. Sales at furniture stores fell 1.3%. Online sales fell 0.7% last month after Amazon’s Prime Day boosted e-commerce sales in July.
On Thursday, it appeared that the U.S. dodged a national freight rail strike, which could have sent retail prices higher. Retailers are wrapping up what has turned out to be a decent back-to-school shopping season. But many retail executives say that customers are being more selective when they buy, a trend that could hold through the only shopping period that tops back to school in sales, the weeks leading up to winter holidays.
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