By Lucia Mutikani
WASHINGTON, Sept 16 (Reuters) - U.S. retail sales rebounded sharply in August as households boosted purchases of a range of goods while also spending more at restaurants and bars, reinforcing the economy's resilience even as consumers grow more anxious about high inflation.
The stronger-than-expected report from the Commerce Department on Wednesday prompted economists to upgrade their gross domestic product growth estimates for the third quarter. Inflation jitters were underscored by news of a surge in import prices last month amid strong increases in the costs of capital and consumer goods.
The reports followed data this month showing producer and consumer prices accelerated in August, while the labor market regained its poise after wobbling through much of summer.
The Federal Reserve on Wednesday raised its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range and flagged further increases in borrowing costs in the months ahead.
#inflation #quarter
WASHINGTON, Sept 16 (Reuters) - U.S. retail sales rebounded sharply in August as households boosted purchases of a range of goods while also spending more at restaurants and bars, reinforcing the economy's resilience even as consumers grow more anxious about high inflation.
The stronger-than-expected report from the Commerce Department on Wednesday prompted economists to upgrade their gross domestic product growth estimates for the third quarter. Inflation jitters were underscored by news of a surge in import prices last month amid strong increases in the costs of capital and consumer goods.
The reports followed data this month showing producer and consumer prices accelerated in August, while the labor market regained its poise after wobbling through much of summer.
The Federal Reserve on Wednesday raised its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range and flagged further increases in borrowing costs in the months ahead.
#inflation #quarter
2 months ago
