US Retail Sales Jump 1.2% in August, Surpassing Expectations

US retail sales rose more than expected in August, increasing 1.2% month-on-month to $773.9 billion, according to an advance estimate from the US Department of Commerce.

The increase reversed a 0.5% decline recorded in July and exceeded economists’ expectations of a 0.8% rise.

Sales at gasoline stations climbed 3.1% from July and were 21% higher than a year earlier, as energy prices remained elevated amid the conflict involving Iran.

Excluding gasoline stations, retail sales increased 1.1% in August. Sales also rose at restaurants and bars, indicating broader gains across parts of the US consumer economy.