Americans picked up their spending a bit in August from July even as surging inflation on household necessities like rent and food took a toll on family budgets.
The U.S. retail sales rose an unexpected 0.3% last month, from being down 0.4% in July, the Commerce Department said Thursday., Sept. 15, 2022. –
While the report showed shoppers' resilience, the figures also are not adjusted for inflation unlike many other government reports. In fact, sales at grocery stores rose 0.5% , helped by rising prices in food. Consumer spending accounts for nearly 70% of U.S. economic activity and Americans have remained mostly resilient even with inflation near four-decade highs. Yet surging prices for everything from mortgages to milk have upped the anxiety level. Overall spending has slowed and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded.inflation remains stubbornly high.
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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