US: Retail Sales rise by 1.9% in September vs. 0.7% expected
18 October, 2020, 04:31
A strong rebound in apparel led a continuing V-shaped recovery from the pandemic as retail sales accelerated their rate of growth in September and marked the fourth straight month of year-over-year gains, the National Retail Federation said today. Retailers and consumers are adapting to the current environment, embracing shopping in different ways and focusing on specific categories.
The retail-sales report doesn't track spending on most services, such as health care and hospitality, which make up the bulk of US consumer spending. The reality that theres a lot much less spending on corporations like journey, a couple of of this money is on the market and going into retail cash registers, he added.
But the outlook for the overall economy remains murky.
Washington, DC, October 16, 2020-Advance estimates of U.S. retail and food services sales for September 2020 were $549.3 billion, an increase of 1.9% from the previous month and 5.4% above September 2019, according to the U.S. Census Bureau. Sales have been up both month-over-month and year-over-year each month since June following record monthly drops this spring.
"Total sales for the July 2020 through September 2020 period were up 3.6% from the same period a year ago".
In August, retail sales increased 0.6%.
Analysts and economists are paying shut consideration to month-to-month retail product sales numbers as a method to gauge how the monetary system may be recovering from the affect of the coronavirus pandemic.
Three-quarters of retail categories saw both month-over-month and year-over-year increases.
"September is kind of a hinge month" between the back-to-school and holiday seasons, he said, adding that this year's back-to-school season pushed further into September because many schools delayed opening for in-person classes, giving sales of school supplies and clothing a second wind.
Electronics and appliance stores were down 1.6% month over month seasonally adjusted and down 6.1% unadjusted year over year.
Clothing and clothing accessory stores were up 11 percent month-over-month seasonally adjusted but down 12 percent unadjusted year-over-year. And those looking to go camping or buy exercise equipment for their homes sent sales at sporting goods stores up 5.7%.
General merchandise stores were up 1.8 percent month-over-month seasonally adjusted and up 4.1 percent unadjusted year-over-year. Department stores, a subset of the category, were up 9.7% month over month.
Sales at non-store retailers, such as the e-commerce sites consumers relied to avoid the virus, were up 23.8 percent year-on-year. That's much better than the 0.8% rise economists expected.
Furniture and home furnishings stores were up 0.5% month over month seasonally adjusted and up 7.5% unadjusted year over year.
Grocery and beverage stores were unchanged month-over-month seasonally adjusted but up 11.5 percent unadjusted year-over-year.