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September 16, 2022

NRF reports 0.3% increase in US retail sales during August

Sales during the month were up in almost all retail categories on a yearly basis.

Retail sales in the US increased by 0.3% last month seasonally adjusted from July, according to data from the National Retail Federation (NRF).

The figures, based on data from the US Census Bureau, showed that retail sales increased by 9.1% year-over-year (YoY) during the month.

They increased by 0.1% from July and were up 8% unadjusted YoY, excluding sales from automobile dealers, gasoline stations and restaurants.

Online and other non-store sales during the month dropped by 0.7% seasonally adjusted from the previous month, but increased by 12.3% unadjusted YoY.

The NRF data also reveal that sales from clothing and clothing accessory stores rose by 0.4% seasonally adjusted from July and 3.7% unadjusted YoY.

Grocery and beverage stores also saw a 0.5% sales growth from the previous month and an 8% unadjusted YoY increase.

During the month, sales from general merchandise stores grew by 0.5% seasonally adjusted from July and were up by 3.2% from the prior year.

NRF president and CEO Matthew Shay said: “August retail sales show consumers’ resiliency to spend on household priorities despite persistent inflation and rising interest rates.

“As we gear up for the holiday season, consumers are seeking value to make their dollars stretch.

“Retailers have been hard at work managing their supply chains and holiday inventories to provide consumers with great products, competitive prices and convenience at every opportunity.”

NRF chief economist Jack Kleinhenz said: “Household spending remains steady even as costs continue to rise.

“Consumers are showing their toughness, but they have limited options and cannot continue if prices do not begin to soften.

“This retail sales report comes amid mixed signals from the broader economy that show the headwinds against the consumer are strengthening.”

Last month, the NRF released data showing a 0.8% increase in US retail sales from June to July, as well as a 7.1% YoY rise in July.