Retail sales increased during August, growing 0.7% seasonally adjusted from July and up 15.1% year-over-year, according to the US Census Bureau. NRF’s calculation of retail sales showed August was up 2.3% seasonally adjusted from July and up 12% unadjusted year-over-year.
“The increase in August retail sales reflects the continued strength of the American consumer and the resilience of our nation’s retailers,” NRF President and CEO Matthew Shay said.
August sales were up across the board for each category, led by clothing, sporting goods, and electronic stores.
“Retail sales in August overcame unusual twists and turns that have affected shopping behavior both in terms of the timing and composition of sales,” NRF Chief Economist Jack Kleinhenz said. “The consumer remains rock solid despite the trifecta of macroeconomic headwinds we’ve seen this year, including tapering off of government stimulus, elevated COVID-19 infections and ongoing supply chain challenges in the form of shortages of labor and goods. Higher sales came even with a disjointed back-to-school season that also affected the timing of sales as many school districts returned to in-person learning but some delayed classes until after Labor Day. These results pave the way for sturdy consumer spending and a strong economy in the fourth quarter.”
Source: August Sales – National Retail Federation
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