According to the National Retail Federation, August retail sales have grown by 0.5 per cent seasonally adjusted month-to-month and 2.7 per cent unadjusted year-over-year and excluding automobiles, gas stations and restaurants.
“The rise in consumer confidence, labour markets and retail sales is encouraging,” says Jack Kleinhenz, NRF chief economist. “August sales figures signal that consumers are willing and ready to spend as the economy improves. However, until the pace of income picks up, we should not expect a sustained surge in spending.”
Health and personal care stores in particular had a 0.6 per cent growth month-to-month, and 6.4 per cent year-over-year, while numbers at online stores grew 0.1 per cent month-to-month and 4.2 per cent year-over-year.
The NRF believes employment and payroll numbers will grow by next month. “My overall impression is that the economy is moving in the right direction but that other factors, including rising concerns over the uncertainty in the Middle East, may produce some drag. We remain hopeful but cautious,” says Kleinhenz.
