US retail sales rise an unexpected 0.3% in August

Follows a 0.4% decline in July

US retail sales rose 0.3% in August, following a downwardly revised 0.4% decline in July, the Commerce Department said, even as inflation continues to take a toll on household finances.

Excluding gasoline, retail sales were up 0.8%. The month-to-month rise in the value of sales was unexpected, as economists had predicted a fall of 0.1%. Total sales for the June through August 2022 period were up 9.3% from the same period a year ago.  The strongest spending growth came from auto dealers (3%) and bars and restaurants (1.1%), while spending in petrol stations and furniture stores fell by 4% and 1.3% respectively in the last month.  US unemployment rate rises to 3.7% in August Neil Birrell, chief investment officer at Premier Miton Investors, said: "After a high infla...