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Economists polled by Reuters had forecast retail sales increasing 0.4 percent in August. Retail sales in August advanced 6.6 percent from a year ago. Excluding automobiles, gasoline, building materials and food services, retail sales nudged up 0.1 percent last month after an upwardly revised 0.8 percent jump in July. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Core retail sales were previously reported to have increased 0.5 percent in July. Despite the slowdown in core retail sales in August, consumer spending remains supported by a tightening labor market, which is steadily pushing up wages.
Annual wage growth increased at its fastest pace in more than nine years in August and there were a record 6.9 million job openings in July, Spending is also being underpinned by tax cuts and higher savings as well as high consumer sentiment, “Consumer spending will continue to increase at a sturdy pace through the rest of this year and into 2019, supporting overall economic growth,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh, The dollar rose against a basket of currencies on the data, U.S, cufflinks tiffany Treasury prices fell, lifting the yield on the benchmark 10-year note back above 3 percent, Stocks on Wall Street were trading slightly lower..
The economy is poised for strong growth in the third quarter and this year, but an escalating trade war between the United States and China is casting a shadow on the long-term outlook. President Donald Trump last week threatened duties on another $267 billion worth of Chinese goods on top of a $200 billion tariff list that is awaiting his decision. Washington already has slapped duties on $50 billion worth of Chinese imports, provoking retaliation from Beijing. The economy grew at a 4.2 percent annualized rate in the April-June period, the fastest in nearly four years and almost double the 2.2 percent pace set in the first quarter.
Growth estimates for the third quarter top a 3.0 percent rate, but Hurricane Florence, which crashed into the Carolinas on Friday, could put a dent into output, The hurricane could negatively impact labor market, housing, retail sales and industrial production data for September, For now, the predictions for solid third-quarter economic growth prevail, A report from the Fed on Friday showed cufflinks tiffany industrial production increased 0.4 percent in August after a similar gain in July, Industrial production was powered by an acceleration in the output of motor vehicles, utilities and mining..
“Trade tensions are the biggest risk,” said Scott Hoyt, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “If tariffs rise globally, it will push up consumer prices, undermine job and therefore income growth, and hurt financial markets.”. Auto sales fell 0.8 percent in August after slipping 0.1 percent in July. Receipts at service stations surged 1.7 percent, likely reflecting higher gasoline prices. Sales at clothing stores fell 1.7 percent, the biggest drop since February 2017, after accelerating 2.2 percent in July. The plunge in clothing store receipts likely reflects a sharp drop in apparel prices in August, which was the biggest since 1949.
Sales at furniture stores fell 0.3 percent and receipts at building material stores were unchanged last month, But there were increases in online and mail-order retail sales and Americans also spent more at restaurants and bars, Spending at hobby, musical instrument cufflinks tiffany and book stores rose after declining for several months, In a separate report on Friday, the Labor Department said import prices fell 0.6 percent in August, the largest decline since January 2016, after slipping 0.1 percent in July, The drop in import prices likely reflects the strong dollar, which has gained more than 6 percent this year against the currencies of the United States’ main trade partners..
FRANKFURT (Reuters) - A worst-case scenario Brexit would affect Airbus’s sites not only in Britain but also in the rest of Europe, board member Tom Williams has told the German magazine Der Spiegel. For Airbus, which makes the wings for its passenger jets in Britain, that worst-case scenario would occur if Britain was no longer part of the EU aviation safety certification agency, EASA, which gives planes and parts approvals so that they can fly. “The only thing that we can prepare for is the worst-case scenario. In that event, sites not only in Britain would be affected but also, for instance, Hamburg and Toulouse,” the magazine quoted him as saying in a pre-release published on Friday.
(Reuters) - Citigroup Inc on Friday was ordered to cufflinks tiffany pay more than $12 million by U.S, regulators after it was found that the bank’s investment banking and financial advisory unit misled users of a “dark pool” operated by one of its affiliates, The bank will pay a penalty of $6.5 million and disgorgement and prejudgment interest totaling $5.4 million, while its affiliate, Citi Order Routing and Execution (CORE), will pay a penalty of $1 million, the U.S, Securities and Exchange Commission (SEC) said in a statement..