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US Retail Sales Climb 0.6% In August, Exceeding Estimates As Consumers Continue Spending Despite Economic Headwinds

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US retail sales rose 0.6% in August, beating forecasts and marking a third straight monthly gain, according to Bloomberg. US retail purchases rose 0.6% in August after a similar gain in July, topping all economist estimates, Commerce Department data showed. Excluding autos, sales increased 0.7%. Nine out of 13 categories advanced, led by online retailers, clothing, and sporting goods, likely boosted by back-to-school spending. Control-group sales rose 0.7% in August, signaling a strong third quarter. Economists noted that some of the strength reflects higher prices rather than increased volume. Inflation data showed companies mostly held off on price hikes last month, cautious that large increases could drive customers away.

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