Retail sales for August have surged for the fourth straight month in a row – increasing 0.6% month-over-month and 2.6% from the previous year, according to the US Census Bureau.
Sales have been continuously on the rise since May, after many businesses had reopened their doors post-lockdown. Since then, retail numbers have been trailing upwards, bringing in $537 billion in August.
About half of the retail categories had month-over-month increases, and two-thirds saw year-over-year gains. The biggest monthly jump came in for clothing and accessory stores at 2.9% month-over-month.
Retail spending has been consistent, which puts the industry in good shape as we head into the holidays, says NRF President Chief Executive Officer, Matthew Shay.
“With the holidays quickly approaching, our retailers are prepared to serve customers to meet all of their holiday needs and are embracing the new holiday tradition of shopping early,” noted Shay.
Source: US Census Bureau – 9/16/20, August Retail Sales – BusinessWire
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