U.S. shoppers opened their wallets for the third consecutive month, shrugging off concerns about tariffs and the broader economy.
Retail sales increased by 0.6 percent in August, according to Department of Commerce data released on Sept. 16.
Markets had penciled in a smaller 0.2 percent gain. Retail sales are seasonally adjusted, but do not account for inflation.
The better-than-expected numbers were driven by larger increases at digital retailers (2 percent) and apparel stores (1 percent). Gas stations and car dealers each recorded a 0.5 jump in transactions.
Retail sales excluding automobiles and gasoline advanced by 0.7 percent, from an upwardly revised 0.3 percent in July.
The retail sales control group—a refined subset of indicators that omit auto dealers, building materials, gas stations, and other categories—increased by 0.7 percent, surpassing the consensus estimate of 0.4 percent….