Home / Knowledge / News / Retail / US retail sales growth speeds up, Sept 4th month of gains

US retail sales growth speeds up, Sept 4th month of gains

20
Oct '20
Pic: Shutterstock
Pic: Shutterstock
A strong rebound in apparel led a continuing V-shaped recovery from the pandemic as retail sales accelerated their rate of growth in September and marked the fourth straight month of year-on-year (YoY) gains, according to the US National Retail Federation (NRF), which recently said its calculation of retail sales showed September was up by 1.3 per cent seasonally adjusted from August and up 12 per cent unadjusted YoY.

NRF excludes automobile dealers, gasoline stations and restaurants to focus on core retail.

The YoY gain was more than double the 5.7 per cent YoY increase in August, which was unchanged from July. NRF’s numbers were up by 9.2 per cent unadjusted YoY on a three-month moving average. Compared with March, the month the pandemic set in, September sales were up by 5.6 per cent.

“Consumers continue to prove their resilience and strength through this pandemic. Retailers and consumers are adapting to the current environment, embracing shopping in different ways and focusing on specific categories,” NRF president and chief executive officer Matthew Shay said in a statement.

“Retail sales are continuing to build on the momentum we’ve seen through the summer and have been boosted by an improving labor market, a rebound in consumer confidence and elevated savings,” NRF chief economist Jack Kleinhenz said.

The US Census Bureau recently said overall retail sales in September were up by 1.9 per cent seasonally adjusted from August and up 5.4 per cent YoY. That was more than triple the 0.6 per cent month-over-month increase and almost double the 2.8 per cent YoY increase in August. Sales have been up both month-over-month and YoY each month since June following record monthly drops this spring.

Three-quarters of retail categories saw both month-over-month and year-over-year increases. The biggest monthly gain came at clothing stores, although their sales remained below last year, while the largest YoY increase was seen online. Electronics and appliance stores were the only major segment to post a decline.

Clothing and clothing accessory stores were up by 11 per cent month-over-month seasonally adjusted but down 12 per cent unadjusted YoY in September. Furniture and home furnishings stores were up by 0.5 per cent month-over-month seasonally adjusted and up by 7.5 per cent unadjusted YoY.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 26th Nov 2020

Bangladesh wants duty-free entry of 42 products into Nepal

Bangladesh has sought duty-free entry of 42 products, including...

Pic: Shutterstock

Textiles | On 26th Nov 2020

Curbs on exports to China may cripple Oz wool industry

The Australian wool industry may witness a crippling effect of...

Pic: Shutterstock

Retail | On 26th Nov 2020

BRC hails UK govt decision to open all retail after Dec 2

In response to Prime Minister Boris Johnson's announcement that all...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Top executives, Textile industry

Top executives
Textile industry

Sustainable fashion is also ‘slow fashion’

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search