US Retail Sales Beat Expectations as Americans Pay More for Gasoline

U.S. retail sales exceeded expectations in August, bolstered by a surge in gasoline prices that drove up receipts at service stations. However, the pace of underlying spending on goods slowed as Americans grappled with higher inflation and borrowing costs. While spending on goods in July was not as robust as initially reported, solid growth in overall consumer spending is anticipated this quarter, especially on services like concerts, movies, and sporting events.