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%).