U.S. retail sales rose less than forecast in August as the expiration of supplemental jobless benefits weighed on incomes and spending despite solid employment gains.
The value of overall sales increased 0.6 per cent after a downwardly revised 0.9 per cent increase the prior month, Commerce Department figures showed Wednesday. So-called control group sales, which exclude food services, car dealers, building-materials stores and gasoline stations, fell 0.1 per cent, also missing estimates. The measure is often considered more reflective of underlying consumer demand.
The median estimate in a Bloomberg survey called for the overall measure to increase one per cent from the prior month.