Sales at US clothing stores have again helped to lift total retail sales during August, albeit at a much slower pace than previous months.
August retail sales increased 0.1% seasonally adjusted over July and 5% year-over-year as the economy continued to grow despite concerns about the growing trade war, according to figures from the National Retail Federation (NRF).
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The August numbers, which exclude automobiles, gasoline stations, and restaurants, include a 9.3% rise year-over-year in online and other non-store sales, which were up 0.7% on July seasonally adjusted.
The numbers are based on data from the US Census Bureau, which said overall August sales – including automobiles, gasoline and restaurants – were down 0.1% seasonally adjusted from from July but up 6.6% year-over-year.
Sales at clothing and clothing accessory stores increased 6.2% year-over-year but were down 1.7% from July seasonally adjusted, while sporting goods stores showed the only year-over-year decrease, down 4%, but were up 0.2% from July seasonally adjusted.
The August results build on improvement seen in July – which was up 1.3% monthly and 6.4% year-over-year – albeit it at a much slower rate. The three-month moving average was up 4.9% over the same period a year ago, topping NRF’s forecast that 2018 retail sales will grow between 3.8% and 4.4% over 2017.
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By GlobalData“Consumers are still in the driver’s seat,” says NRF chief economist Jack Kleinhenz. “Retail sales remain strong thanks to a solid labour market, accelerating wage growth and consumer optimism, which helps to power the consumer spending gains we are seeing. Clearly, household spending is resilient and a contributor to third-quarter GDP growth, however, uncertainty over tariffs is creating anxiety and could fuel material changes in consumer spending.”
