US retail sales rose in August as lower gasoline prices supported spending, but demand is cooling as the Federal Reserve aggressively raises interest rates.
Retail sales rose 0.3% last month, the Commerce Department said on Thursday. The July data was revised downwards to show that retail sales were down 0.4% instead of being unchanged as previously reported.
Economists polled by Reuters predicted sales would remain unchanged, with estimates ranging from a 0.5% decline to a 0.5% increase.
A separate Labor Department report on Thursday showed that initial claims for unemployment benefits fell by 5,000 to a seasonally adjusted 213,000 in the week ended Sept.
Despite concerns about a possible recession next year due to higher borrowing costs, there has been no increase in layoffs.
Economists say companies are hoarding workers after struggling to hire last year, when the Covid-19 pandemic forced some people out of the workforce, in part because of prolonged illness caused by the virus.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
