Retailers Post Modest August Gains: NRF
Though consumer spending is showing signs of softening, retailers were still able to post modest gains for August, the National Retail Federation announced last week.
Retail sales for August — excluding automobiles, gas stations, and restaurants — rose 5% unadjusted over last year, the NRF reported. Seasonally adjusted sales from last month were flat, the NRF said.
According to a report from the U.S. Commerce Department released last week, total retail sales for August — including non-general categories such as autos, gasoline stations and restaurants — increased 0.3% seasonally adjusted from last month and 4.2% unadjusted year-over-year.
“High demand for iPods, cell phones and laptops as well as new school clothes and college furnishings helped retailers bring a solid end to the back-to-school season,” said NRF Chief Economist Rosalind Wells in a statement. “However, unfavorable credit and housing market conditions will force retailers to work extra hard to get consumers’ attention in the next few months as they begin the ever-important holiday season.”
The big winners were sporting goods, hobby, book and music stores, where sales increased an impressive 8.3% unadjusted year-over-year and a 0.3% increase from last month, the NRF said.
Thanks to growing demand from college students, home furnishings stores got a nice boost in August with sales increasing 0.5% seasonally adjusted from July and 2.8% unadjusted over last August, the NRF reported.
Electronics stores sales clocked a 0.4% increase seasonally adjusted from July and 3.3% unadjusted year-over-year, the NRF said. Clothing and clothing accessories stores posted a 7.1% increase unadjusted from last year, but decreased 0.1% from July, the NRF reported. Health and personal care stores increased 0.3% seasonally adjusted from July and 6.3% unadjusted year-over-year, according to the NRF.
The troubled housing market continues to put a damper on building material and garden equipment sales. Sales in that category dropped 1% seasonally adjusted from July and 1% unadjusted over last year, according to the NRF.
