U.S. apparel retail sales rebound
Data show that U.S. retail sales grew more slowly in August 2019 than in July, but are still on an upward trajectory.
According to data from the National Retail Federation (NRF), retail sales performance in August 2019 was seasonally adjusted, an increase of 0.4% compared with July. On a quarterly basis, the growth rate was 4.6% compared with the same period in 2018.
The figure, which excludes sales at cars, gas stations and restaurants but includes online and other non-store sales, grew 14.3% compared with the same period a year earlier, but the Seasonally adjusted month-over-month growth was 1.6%.
Sales of clothing stores and accessories stores increased by 2.3% year-over-year, but after seasonal adjustment, they fell by 0.9% month-on-month. . At the same time, sales at sporting goods stores increased 3.8% year-on-year and 0.9% month-on-month after seasonally adjustment.
The performance in August increased by 0.9% compared with July, but compared with the same period last year, it increased by 5.5%.
NRF chief economist Jack Kleinhenz said: Although consumers are less optimistic about the U.S. economic outlook, the most important thing is that consumer spending remained solid in August and remained stable. continues to be a key factor in promoting U.S. economic growth.
The trend is still strong, but the growth rate in August slowed down slightly compared with July, which reflects consumers’ concerns about the unpredictable trade policy. It’s too early to assess the impact of new tariffs that take effect on September 1, but they believe there are real downside risks to household spending.
The 15% new tariff on most consumer goods imported from China to the United States has taken effect on September 1, and is expected to be extended to other goods on December 15. This will cover US$300 billion worth of imported goods. In addition, tariffs on US$250 billion worth of Chinese goods exported to the United States have been raised from 25% to 30%, and will be postponed from October 15.
As of August, the 3-month moving average (moving average) increased by 4.1% year-on-year, which was higher than 3.5% in July.
The NRF numbers are based on data from the U.S. Census Bureau, which notes that overall sales in August, including car dealerships, gas stations and restaurants, After seasonally adjusting, compared with July’s growth of 0.4%, unadjusted, year-on-year growth of 4.1%.
Neil Saunders, general manager of GlobalData Retail, believes that with steady retail sales, the retail industry is still performing well. Although there are still concerns about the economy, they have not yet affected consumer confidence. As we enter the final quarter of 2019, the stance may change. However, some weaker numbers from the previous year should help offset any potential economic slowdown.
At the industry level, ready-to-wear sales rebounded in August. After weak summer sales, favorable weather and the launch of some stronger autumn product lines will encourage consumers to shop. .
Department store sales will continue to decline at the same rate as usual due to a lack of product range that arouses consumer interest, reduced mall footfall, and store closures. (Sales fell 4.8%).
AAA fabric network EGRTHRTH
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