US advance retail sales growth slows in August

By FXStreet FXStreet (Mumbai) – The US retail sales growth climbed in August despite the turmoil in the financial markets and global economy, but at a slower rate than expected rate.

The advance retail sales rose 0.2%, missing the estimated drop to 0.3% from July’s upwardly revised 0.7%. The majority of the sub categories witnessed a rise in sales with auto dealers, restaurants and clothing stores leading the rise.

Retail sales excluding autos increased 0.1% in August after advancing 0.6% the month before. The number also missed the estimate of 0.2%. Retail sales ex Autos and Gas, food services used to calculate gross domestic product rose 0.4% following a 0.6% rise in July.

Focus now shifts to the US monthly CPI and Thursday’s FOMC rate decision. The fed funds futures indicate a 25% probability of Fed officials raise their benchmark interest rate for the first time since 2006.
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Source:: FX Street