WASHINGTON–New data released by the U.S. Census Bureau of Labor Statistics for August show retail sales were up sharply.
A data analysis by NAFCU shows:
- Sales within the control group, excluding auto, gas, and building material categories (the basis of the Commerce Department’s estimate of personal consumption expenditures), rose 2.1% in August
- Year-over-year sales were up 15.1% this month, which is up +15% in July
- Results in certain sectors were mixed during August. Nonstore retailers led the way with a 5.3% rise while furniture stores rose 3.7%, and general merchandise stores saw a 3.5% rise
- The largest drops were in motor vehicles and parts dealers (-3.6%), electronics stores (-3.1 %), and sporting goods stores (-2.7 %).
“Retail sales rose sharply in August even as auto sales continue to fall,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Excluding autos, sales were up 1.8% on the month. Growth was driven by nonstore retailers and general merchandisers--both sectors that saw a significant drop in July. Restaurant sales remain flat as grocery store sales rise, so the spread of the Delta variant is having an effect on the normalization of spending patterns for now. Consumers have also bought so many goods over the past 18 months of activity restrictions that goods demand in some categories is spent.”