NRF: Retail Sales Up in Aug. for First Time in Six Months
SportsOneSource Media Posted: 9/15/2009
Retail sales, excluding automobile sales, saw its first gain in six months, a sign consumers may be turning the corner, according to the National Retail Federation. Retail sales rose 0.7% in August over July, but fell 4.3% from the same month last year.
Those figures do not include auto, gas and restaurant sales, a news release said. Retail sales including autos, gas and restaurants rose 2.7% for the month, but declined 5.9% for the year, according to the U.S. Commerce Department.
"Many American who traded in their vehicles have become saddled with monthly car payments, which reduces the amount of money they're able to spend in other areas," said Rosalind Wells, chief economist for the NRF. "As a result, it remains to be seen how the Cash for Clunkers program will impact traditional retail sales."
However, Wells is encouraged to see momentum building as retailers prepare for the holiday season.
Sales tax holidays throughout the country, which fell a bit later this year than last, helped boost August retail sales on traditional school merchandise such as apparel and electronics. Sales at electronics and appliance stores increased 1.1% seasonally adjusted over July and decreased 10.7% unadjusted year-over-year. Clothing and clothing accessory stores sales increased 2.4% adjusted from the previous month and decreased 5.9% unadjusted from last year.
Shoppers were a bit more comfortable digging into their wallets last month, and retailers are hopeful that we've turned a corner, said Rosalind Wells, Chief Economist of NRF. It is encouraging to see some momentum building as retailers anticipate the all-important holiday season.
Health and personal care store sales also saw solid increases with sales increasing 0.4 seasonally adjusted from last month and 2.7% unadjusted over last August. Sporting goods, hobby, book and music stores sales increased 2.3% adjusted over last month and decreased 1.7% unadjusted year-over-year.
