US retail sales rise above expectations in August

US retail sales increased more than expected in August, matching the upwardly revised increase in July.

Data released Tuesday by the US Census Bureau showed that retail sales in August rose 0.6% month-over-month (MoM) to $732 billion, compared to expectations for a 0.2% increase.

This compares to a 0.6% increase in July, which was revised upward from 0.5%. The average for the three months ending in August was 4.5% higher than the average for the same period a year earlier.

Coinciding with the monthly increase, US retail sales in August increased 5% year-over-year (YoY).