Spending on retail goods and services increased 0.6% in August, matching several consensus forecasts and strengthening the case for thinking that the US economy remains on a path for moderate growth. With the exception of gasoline sales and general merchandise stores, all the major categories posted higher sales last month. Overall, the August profile is a solid report that reflects a healthy pace of consumption. As an added boost for confidence: July’s initially reported flat performance was revised up to a 0.3% gain for the headline data.
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