NRF: Retail sales grew again in August
Retail sales increased in August amid ongoing consumer demand and slowing inflation.
Core retail sales (excluding restaurants, autos and gasoline) rose 0.17% month-over-month in August and up 1.93% year-over-year, according to the CNBC/NRF Retail Monitor. That compared with increases of 0.95% month-over-month and 1.69% year over year in July. (Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions.)
Total retail sales (including restaurants but excluding automobiles and gasoline) Increased 0.45% month-over-month and 2.11% year-over-year in August, according to the Retail Monitor. That compared with increases of 0.74% month-over-month and 0.92% year-over-year in July.
Total sales were up 2.08% year-over-year for the first eight months of the year and core sales were up 2.33%.
August sales were up in five out of nine retail categories on a montly basis, led by clothing and accessories stores, and online.
Specifics from key sectors are below.
•Online and other non-store sales were up 1.49% month-over-month and up 17.03% year-over-year unadjusted.
•Clothing and accessories stores were up 2.13% month-over-month and up 11.44% year-over-year unadjusted.
•Health and personal care stores were up 0.28% month-over-month and up 6.69% year-over-year unadjusted.
•Grocery and beverage stores were up 0.86% month-over-month and up 2.53% year-over-year unadjusted.
•General merchandise stores were up 0.28% month-over-month and up 1.94% year-over-year unadjusted.
•Electronics and appliance stores were down 0.95% month-over-month and down 2.54% year-over-year unadjusted.
•Furniture and home furnishings stores were down 0.17% month-over-month and down 2.57% year-over-year unadjusted.
•Building and garden supply stores were down 1.31% month-over-month and down 2.92% year-over-year unadjusted.
•Sporting goods, hobby, music and book stores were down 2.89% month-over-month and down 10.78% year-over-year unadjusted.
“Retail sales data shows that consumers continued to spend on household priorities in August,” said NRF president and CEO Matthew Shay. “This is despite a slowing labor market that is expected to prompt the Fed to finally lower interest rates in September. Even with slower employment growth, unemployment is near historical lows and ongoing job and wage gains coupled with lower inflation should keep consumers on solid footing heading into the holiday season."
