Retail sales inch up in August as new tariffs present ‘downside risks’ to spending
Retail sales rose modestly in August even as many retail sectors registered declines amid signs that consumers may be starting to become a bit more cautious.
Retail sales were up 0.4% in August seasonally adjusted from July and up 4.6% unadjusted year-over-year, according to the National Retail Federation. The NRF numbers exclude automobile dealers, gasoline stations and restaurants.
The NRF’s numbers are based on data from the U.S. Census Bureau, which said that overall August sales – including auto dealers, gas stations and restaurants – were up 0.4% seasonally adjusted from July and up 4.1% unadjusted year-over-year. The August increase was driven largely by purchases of new automobiles and trucks.
“While consumer attitudes about the economy indicate some retreating optimism, the bottom line is that consumer spending remained resilient in August and continued to be a key contributor to U.S. economic growth,” stated NRF chief economist Jack Kleinhenz. “Trends remain strong, but August grew somewhat slower than July, which could reflect consumers’ concerns about the unpredictability of trade policy. It is too early to assess the impact of the new tariffs that took effect at the beginning of this month, but they do present downside risks to household spending.”
Online and other non-store sales led the way in August, rising 1.6% month-over-month seasonally adjusted. Building materials and garden supply stores were up 1.4%.
Other specifics from key retail sectors regarding August sales (month-over-month seasonally adjusted) include:
• Grocery and beverage stores down 0.2%;
• Sporting goods stores were up 0.9%;
• Health and personal care stores were up 0.7%;
• Clothing and clothing accessory stores were down 0.9%;
• General merchandise stores down 0.3%;
• Furniture and home furnishings stores were down 0.5%;
• Electronics and appliance stores were unchanged.
As of August, the three-month moving average was up 4.1% over the same period a year ago, compared with 3.5% in July. August’s results build on gains of 0.9% month-over-month and 5.5% year-over-year in July.
Retail sales were up 0.4% in August seasonally adjusted from July and up 4.6% unadjusted year-over-year, according to the National Retail Federation. The NRF numbers exclude automobile dealers, gasoline stations and restaurants.
The NRF’s numbers are based on data from the U.S. Census Bureau, which said that overall August sales – including auto dealers, gas stations and restaurants – were up 0.4% seasonally adjusted from July and up 4.1% unadjusted year-over-year. The August increase was driven largely by purchases of new automobiles and trucks.
“While consumer attitudes about the economy indicate some retreating optimism, the bottom line is that consumer spending remained resilient in August and continued to be a key contributor to U.S. economic growth,” stated NRF chief economist Jack Kleinhenz. “Trends remain strong, but August grew somewhat slower than July, which could reflect consumers’ concerns about the unpredictability of trade policy. It is too early to assess the impact of the new tariffs that took effect at the beginning of this month, but they do present downside risks to household spending.”
Online and other non-store sales led the way in August, rising 1.6% month-over-month seasonally adjusted. Building materials and garden supply stores were up 1.4%.
Other specifics from key retail sectors regarding August sales (month-over-month seasonally adjusted) include:
• Grocery and beverage stores down 0.2%;
• Sporting goods stores were up 0.9%;
• Health and personal care stores were up 0.7%;
• Clothing and clothing accessory stores were down 0.9%;
• General merchandise stores down 0.3%;
• Furniture and home furnishings stores were down 0.5%;
• Electronics and appliance stores were unchanged.
As of August, the three-month moving average was up 4.1% over the same period a year ago, compared with 3.5% in July. August’s results build on gains of 0.9% month-over-month and 5.5% year-over-year in July.