U.S. Retail Sales Jump 1.2% In August, Much More Than Expected

(RTTNews) - Retail sales in the U.S. shot up by much more than expected in the month of August, according to a report released by the Commerce Department on Wednesday. The Commerce Department said retail sales jumped by 1.2 percent in August after falling by a revised 0.5 percent in July. Economists had expected retail sales to increase by 0.7 percent compared to the 0.6 percent drop originally reported for the previous month. Excluding an increase in sales by motor vehicle and parts dealers, retail sales still surged by 1.4 percent in August after dipping by 0.2 percent in July. Ex-auto sales were expected to rise by 0.5 percent.