Washington, D.C., September 14, 2006--Americans' retail spending rose 0.2 percent in August, according to the U.S. Commerce Department. The increase was slightly higher than most experts had predicted, but was below July's 1.4 percent increase.
Sales at furniture and home furnishing stores fell 0.3 percent, the Commerce report said.
Several news sources attribute the August increase to more jingle in consumers' pockets after filling up the SUV, and the seasonal dropoff in recreational boating fuel consumption may also have had an effect.
According to the Department of Energy, unleaded regular prices fell from a summer peak of $3.04 a gallon on August 7 to $2.73 on September 4 and $2.62 on Monday. Many experts suggest that lower gas prices were a direct result of the Israeli ceasefire in Lebanon.
Commerce added that automotive sales unexpectedly rose 0.4 percent from the revised 4.3 percent spike in July.
Back-to-school purchases increased sales at general merchandise stores by 0.4 percent,
