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Retail sales increased in the month of August but came in at a much slower pace than anticipated. August retail sales (excluding automobiles, gas stations and restaurants) increased 0.1 percent seasonally adjusted from last month, according to the National Retail Federation (NRF).
“Slow growth continues to be the economic story five years after the financial crisis,” NRF President and CEO Matthew Shay said. “The economy, employment, wages and retail sales continue to stagger along. Retailers and consumers are resilient but not overly optimistic about the broader economy. While positive retail sales growth continues month-after-month, it is just not strong enough to move the needle.”
August retail sales, released by the U.S. Census Bureau, showed that total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.2 percent seasonally adjusted month-to-month and increased 4.7 percent adjusted year-over-year.
The August retail sales report also found building material and garden equipment and supplies dealers stores’ sales decreased 0.9 percent seasonally adjusted.
