Retail Sales Figures for August Disappoint

U.S. retail sales rose only 0.1 percent in August—a number analysts called disappointing.

The Commerce Department reported that retail and food service sales (excluding autos) rose by just 0.1 percent  from the prior month, though they climbed 3.3 percent from August 2012.

Clothing and clothing accessory sales—the category that includes jewelry—saw a 0.8 percent decrease from the previous month, though a 3.6 increase over last year.

The National Retail Federation found similar results, with overall retail sales increasing by only 0.1 percent from July, and 3.9 percent year-over-year.

“Slow growth continues to be the economic story five years after the financial crisis,” NRF president and CEO Matthew Shay said in a statement. “The economy, employment, wages, and retail sales continue to stagger along.… While positive retail sales growth continues month-after-month, it is just not strong enough to move the needle.”

The NRF also found that clothing and clothing accessories stores’ sales had decreased by 0.8 percent month-to-month, but increased by 4.6 percent year-over-year.

JCK News Director