Retail sales increased slightly again during August as consumer demand and easing inflation countered slower job growth, according to the CNBC/NRF Retail Monitor.
Total retail sales, automobiles and gasoline revenues excluded, were up 0.45% seasonally adjusted month over month and 2.11% unadjusted year over year in August, according to the Retail Monitor. July total retail sales increased 0.74% month over month and 0.92% year over year.
Retail Monitor’s calculation of core retail sales, which excludes restaurants as well as automobiles and gasoline, was up 0.17% month over month in August and 1.93% year over year. In July, core retail sales increased 0.95% month over month and 1.69% year over year.
Total sales were up 2.08% year over year for the first eight months of 2024 and core sales gained 2.33%, according to the CNBC/NRF Retail Monitor
In looking at sales on a channel by channel basis:
- General merchandise stores were up 0.28% month over month seasonally adjusted and 1.94% year over year unadjusted.
- Furniture and home furnishings stores were down 0.17% month over month seasonally adjusted and 2.57% year over year unadjusted.
- Building and garden supply stores were down 1.31% month over month seasonally adjusted and 2.92% year over year unadjusted.
- Electronics and appliance stores were down 0.95% month over month seasonally adjusted and 2.54% year over year unadjusted.
- Health and personal care stores were up 0.28% month over month seasonally adjusted and 6.69% year over year unadjusted.
- Grocery and beverage stores were up 0.86% month over month seasonally adjusted and 2.53% year over year unadjusted.
- Sporting goods, hobby, music and book stores were down 2.89% month over month seasonally adjusted and 10.78% year over year unadjusted.
- Clothing and accessories stores were up 2.13% month over month seasonally adjusted and 11.44% year over year unadjusted.
- Online and other non-store sales were up 1.49% month over month seasonally adjusted and 17.03% year over year unadjusted.
“Retail sales data shows that consumers continued to spend on household priorities in August,” NRF President and CEO Matthew Shay. “This is despite a slowing labor 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 solid footing heading into the holiday season. Lower interest rates take time to trickle down and won’t provide an immediate boost but should stabilize the economy.”
Unlike survey-based numbers collected by the Census Bureau, Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions that does not need to be revised monthly or annually.
