- Retail sales rose 0.7% in August versus expectations for a 0.8% decline.
- Excluding autos, sales increased 1.8% versus the Dow Jones estimate for a 0.1% gain.
- Weekly jobless claims increased to 332,000 versus the estimate for 320,000.
Retail sales posted a surprise gain in August despite fears that escalating Covid cases and supply chain issues would hold back consumers, the Census Bureau reported Thursday.
Sales increased 0.7% for the month against the Dow Jones estimate of a decline of 0.8%.
The claims total came under heavy seasonal adjustments, as the unadjusted figure showed a drop in filings of 23,331 to 262,619.
Continuing claims also declined, falling by 187,000 to 2.66 million, also a new low since Covid hit. The four-week moving average nudged lower to about 2.81 million.
However, those receiving compensation under all programs actually increased just ahead of the expiration of enhanced federal jobless benefits. That total, through Aug. 28 and thus before the expiration, rose by 178,937 to 12.1 million.
In a separate economic report, the Philadelphia Federal Reserve reported its manufacturing activity index rose 11 points to 30.7, representing the percentage difference between firms reporting expanding activity against those seeing contraction. That number was well ahead of the Dow Jones estimate of 18.7.
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