We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • ProMat 2023
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • ProMat 2023
    • Upload Your Video
Home » Retail sales rose slightly in August despite “headwinds” of interest and inflation rates

Retail sales rose slightly in August despite “headwinds” of interest and inflation rates

NRF says shoppers were buoyed by job and wage growth, but cautions higher prices could puncture those supports.

nrf Screen Shot 2022-09-16 at 1.27.32 PM.png
September 16, 2022
DC Velocity Staff
No Comments

Resilient American consumers kept purchasing retail goods in August despite the pocketbook pressure of rising prices and interest rates, the National Retail Federation (NRF) said today.

The latest statistics show that overall retail sales in August were up 0.3% from July and up 9.1% year over year. That compared with a month-over-month decline of 0.4% and a year-over-year increase of 10.1% in July, according to U.S. Census Bureau numbers.

By another measure, NRF’s own calculation of retail sales – which excludes automobile dealers, gasoline stations, and restaurants to focus on core retail – showed August was up 0.1% from July and up 8% unadjusted year over year. In July, sales were up 0.5% month over month and up 7.2% year over year.

Either way, the news showed that household spending remained steady even as costs continue to rise, NRF Chief Economist Jack Kleinhenz said. But he cautioned that shoppers could eventually hit a limit and begin to scale back their buying patterns. “Consumers continuing to spend more each month points to the benefits of strong job and wage growth and their use of pandemic savings to help handle persistent elevated prices,” Kleinhenz said in a release. “Consumers are showing their toughness, but they have limited options and cannot continue if prices do not begin to soften. This retail sales report comes amid mixed signals from the broader economy that show the headwinds against the consumer are strengthening.”

And consumers dodged a bullet yesterday that could have added even more velocity to those headwinds, when rail companies and labor union leaders worked with the White House to craft a tentative deal to avoid a crippling freight rail strike.

“We are relieved and cautiously optimistic that the potentially devastating rail strike has been averted, and we appreciate the Biden administration’s intervention on behalf of businesses and consumers. We hope railway workers will accept the new terms of the proposed contract,” NRF President and CEO Matthew Shay said in a release.

Altogether, those variables have helped create a confusing mix for economic forecasters as the nation nears its first post-pandemic winter holiday peak season.

“August retail sales show consumers’ resiliency to spend on household priorities despite persistent inflation and rising interest rates. As we gear up for the holiday season, consumers are seeking value to make their dollars stretch,” Shay said. “Retailers have been hard at work managing their supply chains and holiday inventories to provide consumers with great products, competitive prices, and convenience at every opportunity.”

 

Supply Chain Strategy
KEYWORDS NRF - National Retail Federation
    • Related Articles

      NRF: Strong consumer fundamentals counter inflation, interest rates in holiday forecast

      U.S. consumers drove retail sales increase in August, NRF says

      Retail sales drop slightly in February, but long-term outlook stays strong

    Recent Articles by DC Velocity Staff

    DAT Freight & Analytics says new tool tackles spike in identity fraud

    Ryder rolls out BrightDrop electric rental vans at sites in CA, TX, and NY

    FourKites launches generative AI product to uncover insights from supply chain data pools

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Boston Dynamics will deploy fleet of robots in German e-tailer’s DCs

    • InPerson interview: Geoff Muessig of Pitt Ohio

    • TradeBeyond Acquires Pivot88

    • Warehouse yards to go digital

    • U.S. manufacturing resurgence faces headwinds

    Now Playing on DCV-TV

    20230922intralox vs large

    Intralox Parcel Automation: Never Stop Moving

    DCV-TV 4: Viewer Contributed
    Your business—and the flow of products through it—never stops. Intralox’s logistics and material handling specialists have the technologies, services, and expertise to keep you moving.

    FEATURED WHITE PAPERS

    • Rodent Radar: A Guide To Help Protect Your Business From Rodents

    • The Value of Genuine Parts and Service

    • Five questions to ask before electrifying your indoor forklift fleet

    • Unlock Success with Our Freight Tech Checklist!

    View More

    Subscribe to DC Velocity Magazine

    GET YOUR FREE SUBSCRIPTION
    • SUBSCRIBE
    • NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing