Washington CNN —
A key driver of the US economy remains solid.
Spending at US retailers rose 0.1% in August from the prior month, the Commerce Department reported Tuesday. That’s a much slower pace than July’s upwardly revised 1.1% gain, but well above the 0.2% decline economists projected in a FactSet poll. The figures are adjusted for seasonal swings but not inflation.
It’s an encouraging sign for America’s economy, since consumer spending represents two-thirds of US economic output. Retail sales make up a sizable chunk of overall spending.
Tuesday’s report is the final
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