Total retail sales for the first eight months of the year increased by 2.08%.
Total retail sales in the US, excluding automobiles and gasoline, saw an increase of 2.11% unadjusted year-on-year in August 2024, according to data from Consumer News and the Business Channel/National Retail Federation (CNBC/NRF) Retail Monitor.
The growth was 0.45% seasonally adjusted month-on-month.
Core retail sales, which exclude restaurants, also experienced growth, rising by 1.93% year-on-year and 0.17% month-on-month.
Total sales for the first eight months of 2024 increased by 2.08% and core sales were up by 2.33%.
During August 2024, online and other non-store sales rose by 1.49% month-on-month, seasonally adjusted, and 17.03% year-on-year, unadjusted.
Sales in clothing and accessories stores saw a 2.13% month-on-month increase in August and an 11.44% year-on-year uptick.
General merchandise stores enjoyed a 0.28% month-on-month rise and a modest 1.94% year-on-year increase.
Grocery and beverage stores reported a 0.86% month-on-month increase and 2.53% year-on-year growth.
However, not all sectors fared well. Electronics and appliance stores declined, with sales dropping 0.95% month-on-month and by 2.54% year-on-year.
Sales in furniture and home furnishings stores were also down by 0.17% month-on-month, seasonally adjusted, and down 2.57% year-on-year unadjusted.
NRF president and CEO Matthew Shay said: “Retail sales data shows that consumers continued to spend on household priorities in August. 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 a solid footing heading into the holiday season. Lower interest rates take time to trickle down and won’t provide an immediate boost, but should stabilise the economy.”
Source from Retail Insight Network
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