WASHINGTON, D.C. — US consumer spending rose only slightly in August, government data showed on Tuesday, with consumers appearing to shift toward essentials in the face of high interest rates.
Overall retail sales rose unexpectedly by 0.1 percent from July to August at $710.8 billion, defying analysts' anticipation of a 0.2-percent decline, according to Department of Commerce data.The figures reflect tepid sales at auto dealers and gas stations, the agency said.Sales at motor vehicle and parts dealers slipped 0.1 percent from a month ago, while those at gas stations dropped 1.2 percent.
On August's numbers, Klachkin said: 'Gains were concentrated in a few categories, and the data suggest consumers are tilting away from discretionary toward essentials usually a telltale sign of rising stress.''The consumer is running out of steam,' said Dan North, senior economist at Allianz Trade North America.One reason is that real disposable income or income after inflation and taxes has declined as have consumers' excess savings, North told Agence France-Presse .
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