US retail sales rise 0.7% in August, beat forecasts despite COVID surge

Spending at US retailers unexpectedly rebounded in August despite soaring COVID cases and the reinstatement of some economic restrictions.

Retail sales gained 0.7% last month to $618.7 billion, the Census Bureau announced Thursday morning. Economists surveyed by Bloomberg expected sales to drop by 0.8% through the month. The print offsets some of the decline seen in July. That month's sales were revised to $614.3 billion from $617.7 billion.While sales are still well below their April peak of $629 billion they remain above trend and significantly higher than pre-COVID levels. Consumer spending counts for roughly 70% of economic activity, and during acharacterized by lockdowns and business restrictions, a resumption of typical spending activity is critical to reviving the broader economy.

Spending soared the most at nonstore retailers — which include e-commerce websites and pop-up stands — as such businesses enjoyed a 5.3% gain. Furniture stores saw a 3.7% jump in sales and merchandise retailers followed with a 3.5% increase. Other sectors continued to see sales slide through the virus resurgence. Spending at electronics and appliance stores slid 3.1% in August, while sales at vehicle dealers and parts stores dropped 3.6%. Sales were flat in restaurants and bars, suggesting the renewal of some mask-wearing rules did little to dent Americans' return to dining out.Sign up for notifications from Insider! Stay up to date with what you want to know.

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