US retail sales rise slightly in August

US retail sales grew slightly in August, but at a much slower pace than the previous month, suggesting a slowdown in consumer spending by US households.

Retail sales rose 0.1% month-on-month to $710.8 billion in August, after a 1.1% increase in July reading that was revised upwards from 1%, showed the data released by the US Census Bureau on Tuesday.

However, compared with expectations for a 0.2% decline during the same period, and on a year-on-year basis, August sales were 2.1% higher than the same month last year.

Core retail sales, which exclude food service sales, rose 0.1% MoM and 2% YoY in August.

Non-store retail sales rose 7.8% YoY last month, while food and beverage service sales jumped 2.7%, the data showed.