Retail sales fade in September
Retail sales in September fell 0.3% from the previous month to $526.6 billion in September, the Commerce Department reported today.
The advance estimates of U.S. retail and food services sales are 4.1% above September 2018, however. Also, the July 2019 to August 2019 percent change was revised from up 0.4% to up 0.6%.
September’s decline in retail sales marked the first drop in the past 7 months.
Sales at building material and lawn and garden dealers fell 1% for the month but are up 0.7% from a year ago.
Electronics and appliance retail sales were flat for the month while general merchandise store sales were down 0.3%, including a 1.4% decline at department stores.
“The pullback in September compared with August is possibly a reaction to increased fears over U.S.-China tensions,” NRF Chief Economist Jack Kleinhenz said. “While uncertainty around trade policy and other issues has dampened consumer sentiment recently, consumers still have a lot going for them as evidenced by longer-term trends and factors like the tight labor market. September is a tricky month to measure because of seasonal factors like the end of summer and back-to-school spending, and this year’s early Labor Day may have moved up some spending into the last days of August.”
The advance estimates of U.S. retail and food services sales are 4.1% above September 2018, however. Also, the July 2019 to August 2019 percent change was revised from up 0.4% to up 0.6%.
September’s decline in retail sales marked the first drop in the past 7 months.
Sales at building material and lawn and garden dealers fell 1% for the month but are up 0.7% from a year ago.
Electronics and appliance retail sales were flat for the month while general merchandise store sales were down 0.3%, including a 1.4% decline at department stores.
“The pullback in September compared with August is possibly a reaction to increased fears over U.S.-China tensions,” NRF Chief Economist Jack Kleinhenz said. “While uncertainty around trade policy and other issues has dampened consumer sentiment recently, consumers still have a lot going for them as evidenced by longer-term trends and factors like the tight labor market. September is a tricky month to measure because of seasonal factors like the end of summer and back-to-school spending, and this year’s early Labor Day may have moved up some spending into the last days of August.”