August sales were up in five out of nine retail categories every year, led by online sales, clothing and accessories stores, and health and personal care stores
As consumer demand and decreasing inflation offset slower employment growth, retail sales in the United States rose in August, according to the National Retail Federation’s (NRF) CNBC/NRF Retail Monitor, powered by Affinity Solutions.
Seasonally adjusted, clothing and accessory stores had a 2.13 percent MoM increase and an 11.44 percent YoY increase.
According to a press statement from the NRF, seasonally adjusted MoM online and other non-store sales increased by 1.49 percent, while unadjusted YoY sales increased by 17.03 percent.
“Retail sales data shows that consumers continued to spend on household priorities in August,” NRF president and CEO Matthew Shay said.
Matthew also said 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. Lower interest rates take time to trickle down and won’t provide an immediate boost but should stabilize the economy.
August saw increases in total retail sales of 2.11 percent YoY and 0.45 percent seasonally adjusted MoM, excluding fuel and autos. In July, there were rises of 0.92 percent YoY and 0.74 percent month over month, reads the Retail Monitor.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.17 percent MoM in August and up 1.93 percent YoY.
In July, there were rises of 1.69 percent YoY and 0.95 percent MoM.
Total sales were up 2.08 percent YoY for the first eight months of the year and core sales were up 2.33 percent.