US Core Retail Sales Rise 0.7%, Matching Market Forecasts
The United States recorded a monthly increase of 0.7%, in line with market expectations of 0.7%. While still showing growth, this figure slowed significantly compared to the previous period's 1.9%.
Core Retail Sales measures changes in retail sales excluding the automotive sector, and is often used to gauge the strength of core household consumption. This data is of interest because household consumption is a key driver of US economic growth.
The 0.7% increase indicates that consumer spending remains positive. However, the slowdown from 1.9% indicates that consumption momentum is beginning to moderate after previously recording strong growth.
For market participants, a result that meets expectations tends not to be a major surprise. However, the slowdown from the previous month could signal that households are becoming more selective in their spending, especially amidst pressures on the cost of living, high interest rates, and still uncertain economic conditions. (CP)
Source: Newsmaker.id
