Retail sales up in August
Sept. 16, 2013 – Retail sales increased in August, in part due to improving automotive sales and an increase in furniture and home furnishing purchases.
In a NAFCU Macro Data Flash, Senior Economist Curt Long said, “Employment gains and rising household wealth have helped consumers keep spending despite fiscal headwinds of expiring tax cuts and constrained government spending.” However, he also said “retail sales growth has varied throughout the year and may remain so in the near term.”
Total retail sales were up 0.2 percent since July, and year-over-year growth was 4.6 percent. While core retail sales, excluding light vehicles and gas, only went up 0.1 percent, sales at motor vehicle and parts stores and furniture and home furnishing stores grew 0.9 percent altogether. The biggest losses were seen at building materials stores, where sales decreased 0.9 percent, and clothing and accessory stores, where sales decreased 0.8 percent.
NAFCU Macro Data Flash