US Retail Sales Growth Cools

16 September 2003

The US Commerce Department’s measure of retail sales has disappointed economists with a paltry 0.6% rise for August compared with the previous month.

Analysts had been hoping for an improvement on the 1.3% jump recorded in July, but August growth was restricted by a meagre 0.5% rise in car sales. Nevertheless, on a year-on-year basis, last month’s sales jumped 5.4%.

Separately, preliminary findings from the University of Michigan’s consumer sentiment index point to a drop in confidence. The gauge fell from 89.3 in late August to 88.2 early this month.

Data sourced from: BBC Online Business News (UK); additional content by WARC staff