U.S. retail sales last month 0.4% month-on-month ↑...strong consumption

The U.S. Commerce Department said U.S. retail sales rose 0.4% month-on-month to $729.2 billion last month.

That's below the Dow Jones tally expert forecast for a 0.5% increase.

In detail, car and furniture sales rose 0.7% and 2.3%, while sporting goods and clothing sales rose 2.6% and 1.5% respectively.

Economists analyzed that despite high prices and interest rates, many Americans saw strong consumption thanks to low unemployment and higher wages.

The monthly retail sales indicator is a breaking news statistic that mainly compiles product sales performance among total consumption and is considered a gauge of changes in consumption, the backbone of the U.S. economy.