WASHINGTON — August retail sales were reported up 0.2%, ex auto rose 0.1%, and ex auto and gas gained 0.1%, all less than expected.
Core sales were up 0.2% after a 0.5% increase in July, a decent showing for Q3. Sales ex autos and gas were up 0.1% in August after a 0.6% jump in July.
July-August sales still show growth after prior months had up-revisions in overall sales. Real consumption is probably still growing 1% to 2% for the quarter, by enough to keep the big picture one of modest economic growth and taper-on risk. Sales remain up 4.7% over the year.
August sales were hurt by building materials, which fell 0.9%, clothing dropped 0.8%, and sporting goods lost 0.5%. Auto and parts sales were up 0.9%, electronics rose 0.8%, restaurants added 0.3%, and healthcare grew 0.6%. Gas station sales were flat.
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