United States: Retail sales growth slows in August
September 13, 2013
In August, retail sales rose 0.2% over the previous month in nominal terms. The reading was below the revised 0.4% increase recorded in July (previously reported: +0.2% month-on-month) and below market expectations of a 0.5% increase. Eight out of the thirteen categories that make up the retail index expanded over the previous month, with automobile dealerships, electronics retailers and furniture stores showing the strongest gains. Sales of building materials, clothing and sporting goods decreased.
Retail sales excluding cars and gas - a closely watched subcategory within the retail trade index - increased a slight 0.1% over the previous month. The reading was below the 0.6% growth in July and slightly undershot market expectations of a 0.3% rise.
Retail sales rose 4.7% compared to the same month last year. This figure was below the revised 5.7% increase recorded in July (previously reported: +5.4% year-on-year). The annual trend flattened, with annual average growth in retail sales staying put at July's 4.7%.
FocusEconomics Consensus Forecast panelists expect private consumption to grow 2.1% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption increasing 2.6%.
Author: Carl Kelly, Economist