U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised 0.9% increase in July, the Commerce Department said on Wednesday. This category, which excludes automobiles, gasoline, building materials and food services, was previously reported to have advanced 1.4% in July. Economists polled by Reuters had (full story)

Consumers spent less than expected at retailers in August as the economy continued its rebound from coronavirus lockdowns. US retail sales increased 0.6% last month, falling short of the consesnsus economist estimate of 1%. The reading marks an slowdown from July’s 1.2% climb. Excluding car purchases, sales rose 0.7%, also lagging forecasts calling for a 1% expansion. In all, last month’s jump was the fourth straight increase after the gauge tanked in April. Retail sales data are among the few economic indicators showing a V-shaped through the pandemic. The metric was somewhat boosted by economic relief payments and ... (full story)