Americans spent far more at gas stations in August as fuel prices skyrocketed, pushing retail sales far above expectations.
A separate report released on Wednesday showed that gasoline prices rose 10.6 percent for the month. So the increase in sales looks like it is entirely due to higher prices. But the upside surprise was not all due to gas sales. Excluding gasoline, sales climbed 0.2 percent, beating expectations for a 0.1 percent increase.
Sales were up in most categories of retailers tracked by the Commerce Department. Sales at car dealers rose 0.4 percent. At electronics and appliance stores, sales rose 0.7 percent. Grocery store sales rose 0.4 percent. Health and beauty store sales climbed 0.5 percent.Department store sales and general merchandise sales were up by 0.3 percent.
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