Retail sales rose 0.1% in August, beating economists' predictions. This indicates consumers are spending prudently overall despite inflationary pressures.
Gregory Daco emphasized that consumer spending is increasing through cautiousness, not retreating, despite potential economic constraints faced by lower-income households.
Retail categories saw varied spending trends, with online retailers and health stores gaining traction, while gas stations and electronics shops experienced a decline.
James Knightley raised concerns about the sustainability of consumer spending, stressing the impact of the cooling job market on higher-income and lower-income households.
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