August Retail Sales Rose 0.3% from July, Up 9.1% YOY
September 15, 2022 from Floor Focus FloorDaily News
Washington, DC, September 15, 2022 – Advance estimates of U.S. retail and food services sales for August 2022 were $683.3 billion, an increase of 0.3% from the previous month, and 9.1% above August 2021, according to the U.S. Census Bureau.
Total sales for the June 2022 through August 2022 period were up 9.3% from the same period a year ago. The June 2022 to July 2022 percent change was revised from virtually unchanged to down 0.4%.
Retail trade sales were up 0.2% from July 2022, and up 8.9% above last year. Gasoline stations were up 29.3% from August 2021, while nonstore retailers were up 11.2% from last year.
“Retail sales rose 0.3% in August, the Commerce Department said Thursday, showing the resilience of U.S. consumers in the face high inflation,” reports the Wall Street Journal.
“Retail spending, which mostly encompasses spending on goods such as furniture, vehicles and groceries, has largely remained resilient in recent months despite inflationary pressures and rising interest rates that make car loans more expensive.
“August is a key month for back-to-school spending in categories like electronics, clothing and sporting goods.
“Incomes falling, when factoring in inflation, ‘coupled with elevated prices are eating into consumers’ ability to ramp up spending,’ wrote Lindsey Piegza, the chief economist at investment bank Stifel.
“Regular gasoline prices fell in August, ending the month at under $4 a gallon, down from a $5 peak in mid-June, offering some savings to consumers as the cost of groceries and other products rose.”