US Retail Sales Accelerate Driven By Gasoline & Apparel
US retail sales in August accelerated much faster than expected, strengthened by strong garment sales and a recovery in gasoline station sales.
According to US Census Bureau data, petrol fuel pumps recorded the highest monthly rise in sales among major retail categories growing 5.2 percent month on month.
“While sales of apparel and clothing accessories at retail stores rose 0.9 percent on a monthly basis in August,” SP Global reported.
Retail and food services sales rose for a fifth consecutive month in August, climbing 0.6 percent in August over July.
Bedding and home products manufacturer Pegasus Home Fashions Inc. and women’s apparel retailer Triad Catalog Co., LLC filed for bankruptcy during August and September.
While, Noble House Home Furnishings which too had filed bankruptcy, announced it had entered into a definitive agreement with GigaCloud Technology Inc. with plans to sell its assets for $85 million.
