Americans still stingy, especially on building materials
The US consumer is not ready to splurge just yet
U.S. consumers are not ready to believe in the recovering economy just yet. Although the housing market continues to trek through a modest type of recovery, CNBC says U.S. retail sales in August rose less than expected. It seems Americans are buying in some areas, while cutting back on other discretionary spending.
And building materials are not doing so well. CNBC explains:
U.S. retail sales rose less than expected in August even as demand increased for automobiles and other big-ticket items, the latest sign that economic growth slowed in the third quarter.
The Commerce Department said on Friday retail sales increased 0.2 percent last month as Americans bought automobiles, furniture and electronics and appliances.
However, they cut back on clothing, building materials and sporting goods.