Retail sales rise a better-than-expected 1.2% in August after shoppers pulled back spending in July

According to Commerce Department data released in New York, U.S. retail sales rose by a better-than-expected 1.2% in August. This increase follows an unexpectedly sharp, revised 0.5% dip in consumer spending during the month of July.

The rebound demonstrates that consumers continue to spend despite complaining about higher prices for gasoline and other goods. This ongoing consumer spending is helping to power the broader economy.