Retail sales in the United States increased by 1.2% in August 2023, reaching $773.9 billion. This increase was above expectations and indicates the strongest monthly growth in the last five months. According to preliminary estimates, this figure was achieved due to increased demand in various sectors, especially in fuel stations and online retailers.
Details of Retail Sales in August
The released data shows that retail sales and food services increased by 1.2% compared to the previous month, while expectations for this increase were only 0.8%. Additionally, the monthly decline in sales in July, which was previously reported at 0.6%, was revised to 0.5%. This decline marks the first drop in sales since October 2022.
Read more: Increase in gasoline and diesel prices raised the inflation rate in Britain
Year-on-year, retail sales in August increased by 6% compared to the same period last year. Moreover, total sales from June to August were also reported to be 6% higher than last year.
Various Sales Sectors and Market Trends
Among various sectors, fuel stations experienced the highest increase at 3.1%. Additionally, non-store retailers, which include online sellers, saw a 2.6% growth. Various stores also witnessed sales increases; for example, sales in general merchandise stores rose by 1.9%, electronics and appliance stores by 1.6%, and food and beverage services by 1.2%.
Furthermore, sales in sporting goods, hobby, musical instrument, and book stores also increased by 1.2%. Furniture stores saw a 0.9% increase, clothing and general merchandise retailers by 0.7%, and automotive and parts sales by 0.6%. However, food and beverage stores only increased by 0.4%, and the only major category that experienced a decline was building materials and garden equipment stores, which fell by 0.2%.
A closely watched measure that excludes food services, automobile dealers, building materials stores, and fuel stations increased by 1.4%, significantly surpassing the forecast of 0.4%. This increase directly impacts GDP calculations.
Read more: New Zealand pension fund warns about potential decline in the U.S. stock market · Slowing development of artificial intelligence and its impact on the semiconductor market
