US retail sales in August far exceeded expectations, with high-income families driving the growth.

Despite concerns from the outside world that economic uncertainty would suppress consumer spending in the United States, retail sales in August still exceeded expectations, continuing the upward trend. Retail sales in the United States in August increased by 0.6%, compared to market expectations of 0.2%. Frances Donald, Chief Economist at the Royal Bank of Canada, wrote, "From a longer-term perspective, consumer activity continues to steadily progress, without accelerating or showing significant signs of slowing down." Donald added that the spending resilience of high-income households has disproportionately driven overall consumer activity. The record-breaking bull market in stocks and soaring house prices have increased the wealth levels of many households, leading consumers to still be willing to spend even as the overall economy shows signs of weakness.