US retail sales rise 2.6% in August over last year: NRF report

17 September 2020 (Last Updated September 18th, 2020 04:07)

The National Retail Federation (NRF) data reveals that US retail sales have increased 2.6% in August year-over-year.

US retail sales rise 2.6% in August over last year: NRF report
Overall US retail sales rise 2.6% in August adjusted year-over-year. Credit: Nathália Rosa via unsplash.

The National Retail Federation (NRF) data reveals that US retail sales have increased 2.6% in August year-over-year.

The sales figures, excluding automobile dealers, gasoline stations and restaurants, increased 0.1% seasonally adjusted over July and up 5.6% unadjusted year-over-year.

Online and other non-store sales remain unchanged month-over-month adjusted seasonally, but was 20.1% unadjusted year-over-year.

Retail categories that saw rise in sale include furniture and home furnishings stores (up 2.1% month-over-month seasonally adjusted and up 0.4% unadjusted year-over-year) and building materials and garden supply stores were up 2% month-over-month seasonally adjusted and up 11.9% unadjusted year-over-year).

The report also reveals that clothing and clothing accessory were up 2.9% month-over-month seasonally adjusted but down 23.5% unadjusted year-over-year, while electronics and appliance stores rise 0.8% month-over-month seasonally adjusted but fell 3.4% unadjusted year-over-year.

NRF president and CEO Matthew Shay said: “While August retail sales numbers were a bit mixed, we believe the consumer is resilient and is in good shape as we head into the holiday season.

“Over the past several months, consumers have responded well to federal relief measures that have supported the recovery, so it comes as no surprise that they would take a pause on spending as some of these programs tapered off at the end of July.

“We continue to advocate for additional stimulus measures to help the economy recover.

“With the holidays quickly approaching, our retailers are prepared to serve customers to meet all of their holiday needs and are embracing the new holiday tradition of shopping early.”