U.S. retail sales grow more quickly than expected in August

(Sharecast News) - Americans continued spending at a rapid clip last month. According to the U.S. Department of Commerce, in seasonally adjusted terms, retail sales volumes jumped at a month-on-month pace of 0.6% to reach $697.56bn.

That was quicker than the 0.2% pace forecast by economists.

The previous month's reading however was revised lower by two tenths of a percentage point to 0.5%.

Excluding motor vehicles and parts, retail sales also rose by 0.6% to reach approximately $564bn.

Sales of furniture on the other hand declined by 1.0% and those at sporting goods and book stores by 1.6%.

Non-store retail sales were flat on the month.

Motor vehicle sales edged up by 0.3%, those of clothing by 0.9% and those at gasoline stations by 5.2%.

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