US clothing store sales up 0.1% mo, 36.6% yoy in August: NRF
Online and other non-store sales were up 5.3% seasonally adjusted month over month and unadjusted 10.6% year over year.
The US Census Bureau said overall retail sales in August were up 0.7% seasonally adjusted from July and 15.1% year-over-year. This compares to a 1.8 percent month-over-month decline and a 15.1 percent year-over-year increase in July. Despite occasional month-over-month declines, sales have increased year-over-year in every month since June 2020, according to census data.
Retail sales in the United States increased in August, as consumer demand overtook the pandemic, supply chain disruptions and other factors affecting spending, the National Retail Federation (NRF) said. Clothing and clothing accessories stores were up 0.1% month over month, seasonally adjusted, and 36.6% unadjusted year over year.
The NRF’s retail sales calculation – which excludes car dealerships, gas stations and restaurants to focus on core retail sales – showed August was up 2.3% seasonally adjusted from to July and 12% unadjusted from one year to the next. This compares to a month-over-month decline of 1.8% and a year-over-year increase of 8.9% in July. NRF numbers rose 11.4% year-on-year on a three-month moving average.
For the first eight months of the year, sales calculated by the NRF increased by 15% compared to the same period in 2020. This is consistent with the revised NRF forecast that retail sales in 2021 are expected to grow between 10.5 and 13.5% compared to 2020 to reach $ 4.44. trillion and $ 4.56 trillion.
“The consumer remains rock solid despite the trio of macroeconomic headwinds we’ve seen this year, including waning government stimulus, elevated COVID-19 infections, and continued supply chain challenges in the form labor and asset shortages. Higher sales occurred even with a rambling back to school year which also affected the sales schedule as many school districts reverted to in-person learning but some delayed classes until after Labor Day. These results pave the way for robust consumer spending and a strong economy in the fourth quarter ”, NRF Chief Economist Jack Kleinhenz said in a statement.
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