United States Retail August 2022

United States

United States: Retail sales rebound in August

September 15, 2022

Retail sales grew 0.3% in month-on-month seasonally-adjusted terms in August, which contrasted July's 0.4% decrease and beat market expectations. Looking at the details of the release, August's pickup was broad-based, with the motor vehicle and parts dealers, food and beverages and general merchandise stores sub-sectors all accelerating. The strong labor market likely supported retail sales, although it should be noted that the retail figures are in nominal terms, and were thus boosted by a rise in prices in August relative to July.

On an annual basis, retail sales increased 9.1% in August, which was below July’s 10.1% expansion. Meanwhile, annual average retail sales growth fell to 12.2% in August (July: +12.8%).

FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2022, which is down 0.2 percentage points from last month’s forecast. For 2023, the panel sees private consumption increasing 1.3%.


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United States Retail Chart

United States Retail August 2022 0

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

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