U.S. retail sales increased more than expected in August as higher gasoline prices boosted receipts at service stations.
Retail sales rose 0.6% last month, the Commerce Department said on Thursday. Data for July was revised lower to show sales advancing 0.5% instead of the previously reported 0.7%.
Gasoline prices accelerated in August, peaking at $3.984 per gallon in the third week of the month, the highest this year, according to data from the U.S. Energy Information Administration. That compared to $3.676 per gallon during the same period in July.Prime Day promotion in July, which was the biggest on record, and parents starting their back-to-school shopping early, likely pulled forward some spending.
Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% in August. Data for July was revised down to show these so-called core retail sales up 0.7% instead of the previously reported 1.0%.
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