US Retail Sales Rose 0.6 Pct In August, Short Of 1 Pct Prediction

US Retail Sales Rose 0.6 Pct In August

Retail sales increased in August to $537.5 billion, up 0.6 percent, according to data published on Wednesday (Sept. 16) by the U.S. Census Bureau.

The reading followed July’s increase of 0.9 percent, revised from 1.2 percent, and is 2.6 percent above August of last year.

Economists had expected a 1 percent increase.

Most of the retail categories saw improvements last month. Motor vehicle sales swelled to $109.8 billion, up from $105.1 billion for the same month in 2019. General merchandise retailers saw sales increase to $60.3 billion, compared to $59.8 billion one year ago. Building materials and garden supplies reached $37.2 billion, up from $32.2 billion last August. Home furnishing sales rose to $10.2 billion from $9.8 billion last August.

But not all categories saw gains. Clothing sales fell to $17.7 billion in August, in part because most of the country’s workforce is telecommuting, down from $22.2 billion last August. Electronics sales also saw a slight dip to $7.8 billion last month, down from $8 billion. 

The latest figures are in contrast to the Bureau’s report from last month. June saw total retail sales rise to $524.3 billion as the country reopened and consumers began returning to stores and restaurants, up 7.5 percent from $487.7 billion in May. Total sales increased by 1.1 percent in June compared to the same month the previous year. The new economic numbers provide an early estimate of monthly sales across various types of U.S. retail and foodservice firms. 

Clothing in particular saw a big rebound. Even big-ticket items made it to shoppers’ lists, as sales of motor vehicles, furniture, clothing and electronics all increased.

This week, a PYMNTS survey found that six in 10 U.S. consumers reported living paycheck to paycheck. Almost half also reported having less than $2,500 in savings.

Faced with the pandemic’s economic uncertainty, Americans have learned to save. The U.S. personal savings rate hit an historic 33 percent of disposable income in April as Americans hunkered down amid COVID-19.

That trend toward belt-tightening and funneling funds into savings has carried on since then. As U.S. government stimulus payments hit consumers’ accounts, about a third of recipients pushed those funds directly into their savings accounts instead of spending the money.


Binance Tops PYMNTS’ Provider Rankings of US Cryptocurrency Apps

Cryptocurrency apps in the U.S. have surged in popularity due to factors such as the potential for profit, low transaction fees, and increasing user accessibility. These platforms allow users to trade cryptocurrencies easily, offering a decentralized, peer-to-peer model that reduces reliance on traditional financial institutions.

The ability to buy low and sell high has attracted investors seeking financial gains, while lower fees compared to traditional payment methods make these apps more appealing for online transactions. The increased acceptance of cryptocurrencies by businesses, along with advancements in blockchain technology, security, ease of use, and high liquidity, is fueling the belief that crypto could shape the future of finance.

PYMNTS’ Provider Rankings of Cryptocurrency Apps evaluate the performance of leading platforms based on factors such as user experience, transaction volume, security features and customer service. By analyzing consumer preferences and industry trends, these rankings provide insights into which apps are best meeting the needs of cryptocurrency users, and highlighting the platforms that offer the most reliable, user-friendly and innovative services.

The Top 5

No. 1 is Binance with 98 points.

Founded in 2017, Binance offers a range of services for new and experienced investors. The platform supports over 350 cryptocurrencies, including popular options like bitcoin and ethereum, along with niche altcoins. This variety, combined with high liquidity, ensures users can quickly execute transactions with minimal price slippage.

A key feature of Binance is its competitive fee structure, which includes discounts for paying with Binance Coin (BNB), making it attractive for frequent traders. The platform also provides advanced trading tools, such as charting and real-time data, and offers margin and futures trading. Its user-friendly interface, including a mobile app, makes it accessible to traders of all experience levels.

Security is a top priority for Binance, with multi-signature wallets, two-factor authentication (2FA), and a Secure Asset Fund for Users (SAFU) protecting funds and personal information. Binance also offers staking, lending and savings options for passive income, appealing to long-term investors.

No. 2 is Bybit with 91 points.

Bybit is accessible in over 180 countries and offers an intuitive mobile app that provides most of the desktop version’s features, making it convenient for users to manage their crypto investments anywhere. With access to more than 1,200 cryptocurrencies, Bybit allows users to buy, sell, and trade with ease, while offering up to 100x leverage for experienced traders looking to maximize potential profits.

Additionally, Bybit offers Bybit Earn, a feature that allows users to earn interest on their cryptocurrency holdings. This range of services and tools caters to beginner and experienced traders, making it a popular choice in the crypto space.

Tied for second with 91 points is Crypto.com.

Based in Singapore, Crypto.com offers a wide range of services including an app, exchange, DeFi wallet, and NFT marketplace, providing access to over 350 cryptocurrencies. The Crypto.com app allows users to buy, sell and track cryptocurrencies with more than 20 fiat currencies, offering features like price alerts, recurring buys, and TWAP bots to optimize trading. Users can also earn interest on their holdings, spend crypto through the Crypto.com Visa Card, and receive up to 5% cash back on purchases.

For more advanced traders, Crypto.com’s exchange supports over 200 cryptocurrencies, with spot, margin and derivatives trading options. It offers low fees and discounts for those who stake its native token, CRO. The platform also includes automated trading bots and emphasizes security with 2FA.

KuCoin and Coinbase round out the top five with 83 and 76 points, respectively.

Nos. 6-10

Checking in tied at No. 6 with 74 points is HTX and OKX.

Nos. 8-10 comprise MEXC, Blockchain.com, and BTCC with 65, 62, and 54 points, respectively.