Retail Sales Rose in August, Highlighting an Inconsistency of Consumer Spending
New York Times | September 16, 2021
August retail sales increased slightly highlighting an uneven pace for economic recovery. The 0.7% climb in sales, reported by the Commerce Department came after a 1.8% decline in July and gains earlier this summer. Increased spending on clothing, electronics, furniture and home goods helped the upward tick last month.
In preparation of back to school, sales of sporting goods and musical instruments and sales at book stores rose. Spending for clothing increased 27% compared with the same week-long period last year, based on Bank of America cardholder data. The analysis also found that sales at department stores rose by 21%, and furniture sales were up 9%.
E-commerce sales rose about 6% in August, showing preference toward digital convenience. As consumer uncertainty continues with variants, vaccination status' are hopeful to increase, preparing for robust Holiday season.