Global Economy Briefs

Q3 Retail Sales Tracking Positively Despite August Setback

September 17, 2024

Nominal retail sales ticked up by just 0.1 percent in August and sales edged down by 0.1 percent in real terms. Despite the August setback, real retail sales over the July-August span were still 3.3 percent annualized above Q2, suggesting that Q3 consumer spending growth will still be positive even if consumption momentum slowed over the course of the quarter. We project real GDP will grow by 0.8 percent annualized in Q3.