US Retail Sales Come in Lower Than Forecast

Retail sales in the United States came in lower than forecast in August, up by just 0.1 percent seasonally adjusted from July, the National Retail Federation (NRF) reported.

The NRF's retail sales for last month, which exclude automobiles, gas stations and restaurants, rose 3.9 percent unadjusted on the year.

“NRF President and CEO Matthew Shay said: "Slow growth continues to be the economic story five years after the financial crisis. The economy, employment, wages, and retail sales continue to stagger along.

"Retailers and consumers are resilient but not overly optimistic about the broader economy. While positive retail sales growth continues month-after-month, it is just not strong enough to move the needle."

The U.S. Census Bureau, which also published retail sales figures for August, showed that total retail and food services sales, including such items as automobiles, gasoline stations, and restaurants, inched up 0.2 percent seasonally adjusted on July and rose 4.7 percent adjusted year-over-year.

“NRF Chief Economist Jack Kleinhenz said: "Retail sales gains continue to be tepid. Retail sales and employment, while measurably positive, have been disappointing over the last few months, and have been difficult to reconcile with consumer confidence. The data suggests that consumers remain cautious with their pocketbooks and purchases. This month’s weak retail sales report will continue to put pressure on policymakers, who are dealing with tapering, and retailers, who will need to focus on price and value to entice consumer spending."