Monthly pace of US retail sales slowed amid inflation in Feb: NRF

Online and other non-store sales were down 3.7 per cent month-over-month seasonally adjusted but up 13.9 per cent unadjusted year-over-year, the report said.

The US Census Bureau said overall retail sales in February were up 0.3 per cent seasonally adjusted from January and up 17.6 per cent year-over-year. That built on a monthly increase of 4.9 per cent in January over December – more than a percentage point higher than the original estimate of 3.8 per cent – and January’s 14 per cent increase year-over-year. Despite occasional month-over-month declines, sales have grown year-over-year every month since June 2020, according to Census data.

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed February was down 1 per cent seasonally adjusted from January’s revised numbers but up 13 per cent unadjusted year-over-year. In January, sales were up 5.9 per cent month-over-month and up 9.6 per cent year-over-year. NRF’s numbers were up 11.8 per cent unadjusted year-over-year on a three-month moving average as of February.

Under the same calculation, NRF has predicted that 2022 retail sales will increase between 6 per cent and 8 per cent to total between $4.86 trillion and $4.95 trillion.

“Retail sales data continues to show impressive consumer resilience,” NRF president and CEO Matthew Shay said. “Despite all that’s been thrown at them including inflation, supply chain constraints, market volatility and significant geopolitical events, consumers remain able and willing to spend. Retailers are nimble and are dedicated to serving their customers with great experiences, great products and services at the best possible prices they can.”

Fibre2Fashion News Desk (KD)