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US retail sales rise more than forecast in August

US retail sales rise more than forecast in August

Retail sales in the United States saw a more than forecast rise in August, the Commerce Department data released on Friday showed.

The volume of retail sales soared 0.4 percent last month, compared to forecasts of 0.2 percent advance, while the previous reading was revised higher to 0.8 percent increase from 0.7 percent rise. From a year ago, retail sales were 3.2 percent up.

The soar in retail sales should be interpreted as improvement in consumer spending, which should eventually support third-quarter growth.

Core retail sales, which excludes automobiles, gasoline, building materials and food services, stalled after a 1.0 percent soar in July. That came below median estimates of 0.1 percent.

The dollar index continued to trade lower at 98.12, extending its drop for a second straight session, as of 12:52 GMT.

The green currency is set for a weekly decline this week, ahead of next week’s Federal Reserve monetary policy meeting.

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