Newsroom

September 12, 2014

Retail sales increased 0.6% in August

Total retail sales increased 0.6 percent in August as year-over-year sales growth accelerated to 5 percent, according to data published by the Census Bureau and analyzed by NAFCU Staff Economist Doug Christman.

"Retail sales growth in August was supported by strong vehicle sales and increased activity in housing starts," Christman noted in a NAFCU Macro Data Flash report. "Record-high stock prices, rising home values and continuing improvements in the labor market should allow consumers to release some of their pent-up demand."

Core retail sales – excluding light vehicles and gasoline – increased 0.5 percent in August, while retail sales of auto and gas increased 0.7 percent for the month. From a year ago, core retail sales increased by 4.8 percent, while auto and gas increased by 5.4 percent.

"Retail sales are expected to grow as the rest of the economy continues to improve throughout the year," Christman said.

July's retail sales growth was revised to an increase of 0.3 percent.