The average retail price of regular gasoline in the United States has increased by 6% over the past five weeks, reaching $3.81 per gallon heading into the Labor Day weekend, due to factors such as oil production cuts, low gasoline inventories, and refinery maintenance.
Retail sales in the US remained resilient in August, with a 0.6% month-on-month increase, surpassing expectations of 0.2%, indicating a positive trend for the economy.
August retail sales in the US exceeded expectations, with a 0.6% increase driven by higher gas prices, although underlying goods and services spending lost momentum and July's gain was revised lower, according to the Commerce Department.
Wholesale inflation in the US exceeded expectations in August, driven by higher gasoline prices, indicating that inflationary pressures are still present in the economy.
Retail sales in the US rose 0.6% in August compared to July, but the increase in gas prices could impact consumer spending during the holiday shopping season, according to a report from the Commerce Department. Excluding gas sales, retail sales only increased by 0.2% in August.
China's retail sales and industrial production exceeded expectations in August, with retail sales growing by 4.6% and industrial production growing by 4.5%, but fixed asset investment lagging behind at 3.2%, indicating potential instability in the external environment.
US retail sales, excluding automotive, are expected to rise by 3.7% over the holiday shopping season, indicating a return to pre-pandemic levels of holiday spending, driven by a more normal inflation environment and consumers' willingness to spend on experiences, electronics, and dining out.
