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Retail sales rise sharply in August despite auto sales drop
Total retail sales jumped 0.7 percent in August, following July’s downwardly revised fall. Of note, the June number was also upwardly revised to a rise of 0.9 percentage points.
"Retail sales rose sharply in August even as auto sales continue to fall," highlighted NAFCU Chief Economist and Vice President of Research Curt Long in a new NAFCU Macro Data Flash report. "Excluding autos, sales were up 1.8 percent on the month.”
"Growth was driven by nonstore retailers and general merchandisers-- both sectors that saw a significant drop in July," added Long. "Restaurant sales remain flat as grocery store sales rise, so the spread of the Delta variant is having an effect on the normalization of spending patterns for now."
Year-over-year growth in retail sales was up 15.1 percent during the month, up from 15 percent in July. Control group sales were also up from a year ago, rising 15.2 percent. Figures are still compared to recovery last year.
Results among the major retail segments were generally mixed during the month. Nonstore retailers led the way with a 5.3 percent rise while furniture stores rose 3.7 percent and general merchandise stores saw a 3.5 percent rise. The largest drops were in motor vehicles and parts dealers (-3.6 percent), electronics stores (-3.1 percent), and sporting goods stores (-2.7 percent).
"The good news is that despite the growth of COVID cases during the summer, the reduction in fiscal stimulus, and the rotation from goods to services consumption, sales levels remain well above their pre-COVID trend," Long concluded. “We could see some volatility ahead, but consumer confidence is strong and should be enough to maintain relatively stable growth over the near term.”
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