Retail sales in the U.S. unexpectedly crept higher in the month of August, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said retail sales inched up by 0.1 percent in August after surging by an upwardly revised 1.1 percent in July.
The uptick surprised economists, who had expected retail sales to dip by 0.2 percent compared to the 1.0 percent jump originally reported for the previous month.
Excluding a slight pullback by sales by motor vehicle and parts dealers, retail sales still crept up by 0.1 percent in August after climbing by 0.4 percent in July. Ex-auto sales were expected to rise by 0.2 percent.
At 9:15 pm ET, the Federal Reserve is scheduled to release its report on industrial production in the month of August. Industrial production is expected to rise by 0.2 percent in August after falling by 0.6 percent in July.
The National Association of Home Builders is due to release its report on homebuilder confidence in the month of September at 10 am ET. The housing market index is expected to inch up to 40 in September after dipping to 39 in August.
Also at 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of July. Business inventories are expected to climb by 0.3 percent in July, matching the increase seen in June.
Dallas Federal Reserve President Lorie Logan is also due to give welcome remarks before the Eleventh District Banking Conference hosted by the Federal Reserve Bank of Dallas at 10 am ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $13 billion worth of twenty-year bonds.