US retail sales dip for second time in three months
Americans are pulling back on spending when it comes to electronics and clothes, and the trend is cited as a reason why U.S. retail sales dropped in August — marking the second time in three months.
Nationwide sales dropped 0.2 percent, according to a Market Watch report citing government statistics. Another contributing consumer factor is a decline in auto purchases as that segment saw a 1.6 percent dip in August.
Yet industry watchers are not too concerned.
"With consumer confidence close to record highs and the labor market continuing to improve," said economist Andrew Hunter of Capital Economics told Market Watch, "we doubt this is the start of more sustained downturn and expect retail spending to bounce back over the coming months."
The report noted, however, U.S. retail sales will likely be negatively impacted by the recent hurricane and storm events and the numbers of retailers forced to close in Houston, Texas and Miami, Florida.
Topics: Trends / Statistics