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Retail sales rose slightly in August, noting an uneven pace for economic recovery as spending behavior fluctuated from month to month, the Commerce Department reported on Thursday.
The 0.7 percent increase in sales last month came after a 1.8 percent drop in July and rose in early summer. The gains in August, which were better than economists expected, were driven by increases in spending on clothing, electronics and furniture and household goods.
Sales in bars and restaurants fell after a steady increase in July.
Consumer goods prices continued to rise in August, albeit at a slower pace, according to data released by the Labor Ministry this week. NS Consumer price index The data showed that it rose 5.3 percent in August compared to the previous year, showing that inflationary pressures had begun to subside.
The University of Michigan will release its monthly consumer confidence index, a key indicator of economic recovery and consumer behavior, on Friday. The index fell more than 13 percent in July as consumers expected continued price increases.
With more employers posting jobs, the pace of the coronavirus vaccineIt was trending steadily upwards over the Labor Day holiday, giving economists reason for optimism should cases and hospitalizations drop or fall in September.
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