Despite growing consumer concerns about high inflation, US retail sales rebounded beyond expectations in August, mainly thanks to households increasing car purchases and storing supplies for the new school year, which further demonstrated the resilience of the economy. According to Wednesday's data, retail sales increased 1.2% year over year in August and were revised to fall 0.5% in July. Economists had predicted that retail sales, excluding inflation, would rebound to rise 0.8%. Last month's increase also partly reflected the rise in gasoline prices, which boosted gas station revenue. Despite the impact of oil prices and supply chain tension caused by the US-led war against Iraq, the inflation rate remained high, but household consumption continued. However, consumers have become more picky and have begun to seek cheaper products. Consumer confidence worsened this month.

Despite growing consumer concerns about high inflation, US retail sales rebounded beyond expectations in August, mainly thanks to households increasing car purchases and storing supplies for the new school year, which further demonstrated the resilience of the economy. According to Wednesday's data, retail sales increased 1.2% year over year in August and were revised to fall 0.5% in July. Economists had predicted that retail sales, excluding inflation, would rebound to rise 0.8%. Last month's increase also partly reflected the rise in gasoline prices, which boosted gas station revenue. Despite the impact of oil prices and supply chain tension caused by the US-led war against Iraq, the inflation rate remained high, but household consumption continued. However, consumers have become more picky and have begun to seek cheaper products. Consumer confidence worsened this month.