United States Retail

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United States: Retail sales growth declines in September at fastest pace since January

October 15, 2014

In September, growth in retail sales contracted 0.3% over the previous month, in nominal terms. The print contrasted the 0.6% expansion recorded in August and was even weaker than market expectations of a 0.1% decrease. Moreover, it marked the weakest result since January. The result was driven by lower sales in most categories, including clothing stores, building material and supplies dealers, furniture retailers, and motor vehicle and parts dealers. In contrast, sales at electronics and appliance stores registered a notable increase.

Retail sales excluding cars and gas—a closely watched subcategory of the retail trade index—decreased 0.1% in September over the previous month. The reading contrasted both the 0.5% expansion recorded in August and market expectations of another 0.5% increase.

Retail sales rose 4.3% compared to the same month last year and came in below the 5.0% increase recorded in August. However, the annual trend increases, with annual average growth in retail sales ticking up from 3.7% in August to 3.8% in September.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 2.4% in 2014, which is unchanged from last month’s forecast. For 2015, the panel sees private consumption increasing 2.8%, which is down 0.1 percentage points from last month’s projection.

Author:, Economist

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United States Retail Chart

USA Retail September 2014

Note: Month-on-month and year-on-year variation of nominal retail sales in %.
Source: United States Census Bureau

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