Both the U.S. Commerce Dept. and the National Retail Federation announced on Sept. 14 that retail sales showed little growth in August—which observers called another sign of a stagnant economy.
The Commerce Dept. said that retail trade sales were up 0.1 percent from July 2011, although they were up 7.5 percent from the year before.
Sales in the clothing and clothing accessories category were down 0.7 percent from July, but up 5.6 percent from the year before.
The National Retail Federation reported similar numbers. The group found August retail sales increased 0.1 percent seasonally adjusted over July, and 6 percent unadjusted year-over-year.
“August retail sales mirror August employment figures – zero growth,” said NRF chief economist Jack Kleinhenz in a statement. “Consumer spending has stalled … While we’re not expecting a complete pull back in spending, the outlook remains modest in terms of growth.”Follow JCK on Instagram: @jckmagazine
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