NAICS 444 sales slip
Advance estimates of U.S. retail and food services sales for August 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $710.8 billion, an increase of 0.1 percent from the previous month, and up 2.1 percent from August 2023.
However, for the hardware and building supply industry's all encompassing 444 classification, August's total sales were down for the month and the year.
Unadjusted August sales for NAICS 444—building material and garden equipment and supplies dealers—were $42.946 billion, down from $44.079 billion in July, and down from $43.921 billion in the same month a year ago.
Looking across all retail the National Retail Federation saw signs that consumers continue open their wallets for expenses in and around the home.
“Retail sales data shows that consumers continued to spend on household priorities in August,” NRF President and CEO Matthew Shay said. “This is despite a slowing labor market that is expected to prompt the Fed to finally lower interest rates in September. Even with slower employment growth, unemployment is near historical lows and ongoing job and wage gains coupled with lower inflation should keep consumers on solid footing heading into the holiday season. Lower interest rates take time to trickle down and won’t provide an immediate boost but should stabilize the economy.”
Online and non-store retailers were up 1.49 percent month over month (adjusted), and up 17.03 percent year over year (unadjusted).
