Retail Sales Show August Increase

Why it matters locally: The national increase in retail sales and the Federal Reserve's anticipated interest rate hike could influence consumer spending and borrowing costs for residents and businesses across Michigan.

Retail sales in August increased by 1.2%, surpassing economists' expectations. This growth in consumer spending occurred as the Federal Reserve prepared for its first short-term interest rate increase in three years. The central bank has indicated its intention to raise rates as a measure to address inflation. The Federal Reserve's decision is anticipated to occur this Wednesday.