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2026-09-16 20:38:16
[US Retail Sales Rebounds Better Than Expected, Rate Hike Expectations Rise] ⑴ US retail sales rose approximately 1% month-over-month in August, significantly exceeding market expectations of less than 1%, reversing the slight decline in July. ⑵ Car purchases and back-to-school stockpiling were the main drivers, while gas station revenue was also boosted by higher oil prices. ⑶ Core retail sales, excluding automobiles, gasoline, building materials, and food services, rose approximately 1% month-over-month, also far exceeding expectations and more closely linked to consumer spending. ⑷ Despite persistent inflationary pressures, consumer spending remains resilient, but spending behavior is becoming more selective, favoring lower-priced goods, and consumer confidence weakened somewhat this month. ⑸ Steady wage growth and the recent stock market rally provided support for consumption, while declining household savings rates and the use of savings are also noteworthy. ⑹ Following the data release, market expectations for a rate hike by the Federal Reserve at this meeting have further strengthened; subsequent attention should be paid to the policy implementation and its subsequent impact on consumer momentum.
