U.S. retail sales unexpectedly rose in August as a decline in receipts at auto dealerships was more than offset by strength in online purchases, suggesting that the economy remained on solid footing through much of the third quarter.

US retail sales increased 0.1% to reach $710.8 billion in August, beating market estimates, according to advance figures released on Tuesday by the US Commerce Department. The estimate was for the figure to show a decline of 0.2%.

Retail sales increased 0.1% last month, compared to consensus estimates of a 0.2% decline. That's welcomed news for investors, who are bracing for what is likely to be the Fed's first interest rate cut at the conclusion of its meeting at 2 p.m. on Wednesday.