Tuesday's retail sales report serves as one of the final economic data points as the Federal Reserve mulls how much it will cut interest rates on Wednesday.
Retail sales surpassed Wall Street's estimates in August, as investors keep a close eye on any signs of a slowdown in consumer spending . The data comes as the Federal Reserve's two day policy meeting kicks off in Washington with the central bankRetail sales rose 0.1% in August. Economists had expected a 0.2% decrease in spending, according to Bloomberg data. Meanwhile, retail sales in July were revised to a 1.
Inside the report, miscellaneous store retailers were the largest gainer with sales rising 1.7% while a 1.2% decline in sales at gasoline stations pulled down the overall headline number.FILE - Shoppers pause in the produce section at a Walmart Superstore in Secaucus, New Jersey, July 11, 2024. The release comes as investors widely expect the Fed will cut interest rates for the first time since 2020 when its next policy decision is announced at 2 p.m. ET on Wednesday.
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