As reported by Axios:
Consumers defied expectations and shopped at an increasing rate amid a resurgence in COVID-19 cases.
Why it matters: Several measures of consumer confidence fell sharply in August, suggesting consumer spending could fall during the month. In fact, concerns about the Delta variant’s impact on the economy had prominent Wall Street economists cutting their expectations for Q3 GDP growth.
Yes, but: Retail sales in August unexpectedly rose 0.7% month over month. Economists were expecting a 0.7% decline.