Economics
U.S. Retail Sales Rebound Slows After Extra Jobless Aid Lapses
- Purchases rose 0.6% from prior month, missing estimate
- Report highlights shift in consumer spending patterns
People wear protective masks while walking in front of luxury retail stores on Rodeo Drive in Beverly Hills, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
The rebound in U.S. retail sales slowed by more than expected in August as federal relief for jobless Americans and small businesses dried up and the pandemic continued to weigh on activity.
The value of overall sales increased 0.6% after a downwardly revised 0.9% increase the prior month, Commerce Department figures showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 1% advance.