Modest August Sales Growth

By Scott Hoyt in West Chester 9/14/2006

Retail sales defied expectations for a decline in August and posted modest 0.2% growth. Non-auto sales were in line with expectations, rising 0.2%. Gasoline station sales fell 1%, a slightly larger decline than expected given the modest drop in gasoline prices. Core sales (excluding autos and gasoline) rose 0.4%, just slightly below its July gain. Year-over-year growth remains strong with all key aggregate measures over 6%. However, growth has clearly moderated since the start of the year, consistent with expectations....

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