US retail sales soar in August 2023 despite inflation woes

Retail sales in August surged by 0.6 per cent compared to the previous month and witnessed a 2.5 per cent rise year-over-year (YoY). This comes after a 0.5 per cent month-over-month (MoM) increase and a 2.6 per cent annual rise registered in July, as per the US Census Bureau.

In contrast, the NRF’s own calculation showcased a slightly different trajectory, with a moderate growth of 0.1 per cent on a seasonally adjusted basis from July, and a notable 3.3 per cent unadjusted uptick YoY. The figures mirrored those of July where there was a 0.7 per cent growth month over month, maintaining the same year-over-year rise.

As of August, a three-month moving average illustrated a 3.2 per cent unadjusted augmentation YoY, with a substantial 3.8 per cent escalation noticed over the initial eight months of 2023.

Delving deeper into categories, five out of nine retail sectors recorded an annual upswing in sales during August, with significant gains noted in online sales and in clothing and accessory stores. Meanwhile, a monthly examination revealed an upward trend in all but two categories.

Online and other non-store sales remained stagnant on a MoM basis (seasonally adjusted) yet soared by 7.6 per cent on an unadjusted scale YoY.

Clothing and accessory stores enjoyed a 0.9 per cent monthly boost (seasonally adjusted) and a 3.6 per cent increase YoY (unadjusted).

General merchandise stores experienced a growth of 0.3 per cent from July (seasonally adjusted) and rose by 3 per cent compared to the previous year (unadjusted).

Conversely, sporting goods stores faced a downturn with a 1.6 per cent reduction both on a MoM (seasonally adjusted) and year-over-year basis (unadjusted).

Fibre2Fashion News Desk (DP)