Seasonally adjusted total retail sales were up by 0.45% month-over-month and by 2.11% (unadjusted) year-over-year in August, excluding gas and automobiles, according to the CNBC/NRF Retail Monitor. This growth followed monthly gains of 0.74% and yearly growth of 0.92% in July.

“Retail sales data shows that consumers continued to spend on household priorities in August, this is despite a slowing labour market that is expected to prompt the Federal Reserve Board to finally lower interest rates in September. Even with slower employment growth, unemployment is near historical lows, and ongoing job and wage gains coupled with lower inflation should keep consumers on a solid footing and heading into the holiday season. Lower interest rates take time to trickle down and will not provide an immediate boost but should stabilize the economy”, commented Matthew Shay, President and Chief Executive Officer of the National Retail Federation (NRF).

The Retail Monitor’s core retail sales measure (excluding restaurants, automobiles and gas) increased by 0.17% month-over-month in August. On a yearly basis, it grew by 1.93%. In comparison, July’s monthly and yearly core retail sales measure grew by 0.95% and by 1.69%, respectively.

For the first eight months of 2024, total retail sales were up 2.08% year-over-year, while core sales increased by 2.33%.

In August, five out of nine retail categories posted year-on-year sales growth, led by online sales, clothing and accessory retailers, and health and personal care stores. Monthly sales also increased in five categories, although to a lesser extent.

Some highlights include the online and non-store sales sector, which rose by 1.49% month-over-month (seasonally adjusted) and increased by 17.03% year-over-year (unadjusted). In contrast, the sporting goods, hobby, music, and book stores sector was down by 2.89% in monthly terms, seasonally adjusted, and experienced a significant decrease of 10.78% year-over-year, unadjusted. 

The clothing and accessories stores saw an increase in total retail sales by 2.13% month-over-month (seasonally adjusted) and by 11.44% year-on-year (unadjusted).

About the Retail Monitor

The Retail Monitor provides a first look at retail sales performance each month. Unlike the survey-based data from the United States Census Bureau, it leverages Affinity Solutions’ data from more than 140 million anonymized credit and debit cards, with nearly nine billion transactions.