Economics
Sturdy Sales, Confidence Show U.S. Consumer Holds Up as Pillar
- Value of purchases at retailers rises more than forecast
- Michigan sentiment turns higher after slumping a month earlier
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The economy’s biggest pillar -- the American shopper -- stood steadfast through a summer of mounting economic challenges characterized by soft global growth and trade uncertainty.
Figures released Friday showed August retail sales advanced more than forecast, while consumer sentiment rebounded from an almost three-year low. Treasury yields and stocks moved higher as the data helped reassure investors that households will continue delivering for the economy and keep it moving forward, albeit at a slower pace.