US retail sales climb in August amid easing inflation: NRF

Online and other non-store sales were up 1.49 per cent month over month seasonally adjusted and up 17.03 per cent year over year unadjusted, the NRF said in a press release.

“Retail sales data shows that consumers continued to spend on household priorities in August,” NRF president and CEO Matthew Shay said. “This is despite a slowing labour 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.”

Total retail sales, excluding automobiles and gasoline, were up 0.45 per cent seasonally adjusted month over month and up 2.11 per cent unadjusted year over year in August, according to the Retail Monitor. That compared with increases of 0.74 per cent month over month and 0.92 per cent year over year in July.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.17 per cent month over month in August and up 1.93 per cent year over year. That compared with increases of 0.95 per cent month over month and 1.69 per cent year over year in July.

Total sales were up 2.08 per cent year over year for the first eight months of the year and core sales were up 2.33 per cent.

Fibre2Fashion News Desk (KD)