The Kobeissi Letter(@KobeissiLetter):US consumers just keep on spending. US retail sales rose +1.2% in August, the largest monthly increase since March. At the same time, retail sales excluding autos increased +1.4%, the 2nd-biggest monthly increase since January 2023. Furthermore, control-group sales, which feed into the GDP calculation, surged +1.4%, the largest monthly increase since September 2024. Meanwhile, retail sales adjusted for inflation rose +0.8% MoM in August, to a record $231.6 billion. Since January 2026, real retail sales have risen +$6.7 billion, or +3.0%. The US consumer is still spending despite inflation.

2026.09.18 22:41

US consumers just keep on spending. US retail sales rose +1.2% in August, the largest monthly increase since March. At the same time, retail sales excluding autos increased +1.4%, the 2nd-biggest monthly increase since January 2023. Furthermore, control-group sales, which feed into the GDP calculation, surged +1.4%, the largest monthly increase since September 2024. Meanwhile, retail sales adjusted for inflation rose +0.8% MoM in August, to a record $231.6 billion. Since January 2026, real retail sales have risen +$6.7 billion, or +3.0%. The US consumer is still spending despite inflation.

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