US retail sales unexpectedly rise in August
unexpectedly rose in August, potentially soothing some concerns over a broader economic slowdown ahead of a major Federal Reserve interest rate decision this week.
Excluding gasoline, automobiles, building materials and food services, the measure edged up by 0.3% last month, compared to an upwardly revised 0.4% in July. These so-called"core" retail sales feed into the reading for gross domestic product, which is estimated to have grown by roughly 2.5% on an year-on-year basis in the July-September quarter, down from a rate of 3.0% in the second quarter.
Indications of waning activity could spur the Fed to roll out a super-sized reduction in borrowing costs to help prop up the economy.
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