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September 15, 2017

Retail sales decrease 0.2% in August, online sales decline

Total retail sales decreased 0.2 percent in August, in part due to a decline in online sales, NAFCU Research Assistant Yun Cohen said in a NAFCU Macro Data Flash report Friday.

Retail sales for the prior two months were also revised downward – July's growth was revised down from 0.6 percent to 0.3 percent, while June was revised down from 0.3 percent growth to a 0.1 percent decrease.

"Online retailers … were negatively affected as millions lost power and internet access," Cohen said. "The 1.1 percent decline was the largest for the sector since April 2014. Auto dealers also took a hit as the hurricane delayed purchases in the area."

However, sales at gasoline stations were boosted by Hurricane Harvey, which temporarily shut down refineries in Texas in late August and caused gas prices to spike.

According to Census Bureau data, year-over-year growth in retail sales was 3.2 percent in August, down from 3.5 percent in July. Core retail sales increased 3.3 percent from a year ago, while auto and gas sales rose 2.8 percent.

"Overall, Hurricanes Harvey and Irma will likely depress retail sales in the next couple months," Cohen added. "However, rebuilding is expected to give a boost to the economy in subsequent quarters."

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