Retail Sales Massively Beat Expectations

U.S. retail sales grew more than expected, despite concerns that consumers would shop less amid escalating coronavirus cases.

August retail sales grew 0.7%, versus the estimated -0.7%. This is a reversal from  July’s decline of -1.1%.

Economists had expected a drop in car sales that would keep retail sales in the red. Car sales did drop, but a spike in other types of goods rose far more than expected.

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Retail sales excluding cars and gas rose 1.8%, compared to 0% expected and -0.7% in July.

The news suggests that Americans are shopping again, after a pause in July. It’s an encouraging statistic and suggests America may have an easier time getting through economic challenges associated with the variant than China.

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Catastrophic Retail Data From China 

Indeed, on Tuesday, retail sales in China grew by just 2.5%, far slower than the expected 7%.

This was largely due to the harsh “zero-tolerance” policy aimed to prevent the spread of COVID-19.

In early trading Thursday, U.S. markets remained unimpressed with the news. The dow was barely higher while the S&P and Nasdaq were negative.

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