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September 16, 2019

Strong auto sales fuel otherwise flat retail sales

Total retail sales saw strong growth in August due in large part to auto sales, according a new NAFCU Macro Data Flash report. Despite sales growth remaining largely flat in other segments, core sales have shown solid growth through the first eight months of 2019, advancing 5.8 percent.

“Whatever fears may have plagued financial markets in recent months, and which have led to a modest softening in consumer confidence, do not seem to dent household spending patterns,” said Curt Long, NAFCU’s chief economist and vice president of research. “And while student debt burdens are certainly a factor in the finances of younger households, overall household balance sheets remain strong."

Total retail sales rose 0.4 percent in August, while core retail sales (excluding light vehicles and gasoline) increased 0.1 percent. Each of these were down from July’s numbers (0.8 percent and 0.9 percent growth, respectively).

Year-over-year growth in retail sales was 4 percent in August, up from 3.5 percent in July’s year-to-year number.

After auto dealers' growth (1.8 percent), nonstore retailers saw the next highest gains (1.6 percent), followed by building material and supply dealers (1.4 percent). Restaurants and bars (-1.2 percent), clothing stores (-0.9 percent) and gas stations (-0.9 percent) all saw dips in sales during August.

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