The Commerce Department’s U.S. Census Bureau today released retail sales for August 2009. Retail sales rose 2.7 percent in August, well above the increase of 2.0 percent private analysts had expected. Motor vehicle sales jumped 10.6 percent, while sales excluding motor vehicles increased 1.1 percent, and sales excluding motor vehicles and gasoline rose 0.6 percent. These data come after four straight quarterly declines in retail sales.
“Even excluding the strong growth in motor vehicle sales, which was a result of the successful ‘cash for clunkers’ program, this significant increase in consumer spending shows that the Recovery Act and President Obama’s other economic initiatives are succeeding in putting the brakes on the recession,” U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank said. “Accelerated stimulus spending in the second half of this year will create jobs and further stimulate our economic recovery.”
Source: U.S. Department of Commerce
