US consumer spending just hit another gear.
Retail sales jumped 1.2% in August—biggest monthly pop since March. Strip out autos and it's even stronger at 1.4%, the second-largest gain since January 2023.
Control-group sales (the ones that feed directly into GDP) surged 1.4%, the biggest monthly jump since last September.
Adjusted for inflation, real retail sales climbed 0.8% to a record $231.6 billion. Since early 2023, real sales are up $6.7 billion, or 3.0%.
Bottom line: Americans are still opening their wallets despite higher prices. The consumer isn't cracking yet.
Retail sales jumped 1.2% in August—biggest monthly pop since March. Strip out autos and it's even stronger at 1.4%, the second-largest gain since January 2023.
Control-group sales (the ones that feed directly into GDP) surged 1.4%, the biggest monthly jump since last September.
Adjusted for inflation, real retail sales climbed 0.8% to a record $231.6 billion. Since early 2023, real sales are up $6.7 billion, or 3.0%.
Bottom line: Americans are still opening their wallets despite higher prices. The consumer isn't cracking yet.
