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“Consumers are still in the driver’s seat,” NRF Chief Economist Jack Kleinhenz said. “Retail sales remain strong thanks to a solid labor market, accelerating wage growth and consumer optimism, which helps to power the consumer spending gains we are seeing.”
But increased worries about the growing trade war are starting to shake consumer confidence, as tariffs lead to an increase in costs, especially construction.
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“Clearly, household spending is resilient and a contributor to third-quarter GDP growth, however, uncertainty over tariffs is creating anxiety and could fuel material changes in consumer spending,” Kleinhenz said.
While the retail sales were up, the U.S. Census Bureau’s data shows overall sales, including automobiles, gasoline and restaurants, decreased 0.1 percent from July, but remained up 6.6 percent year-over-year.
Online sales once again drove the increases, with a 9.3 percent increase since last year.
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