by Calculated Risk on 9/14/2023 08:35:00 AM
On a monthly basis, retail sales were up 0.6% from July to August (seasonally adjusted), and sales were up 2.5 percent from August 2022.
From the Census Bureau report:
Advance estimates of U.S. retail and food services sales for August 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $697.6 billion, up 0.6 percent from the previous month, and up 2.5 percent (±0.7 percent) above August 2022. … The June 2023 to July 2023 percent change was revised from up 0.7 percent to up 0.5 percent.
Click on graph for larger image.
This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).
Retail sales ex-gasoline were up 0.2% in August.
The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993.
Retail and Food service sales, ex-gasoline, increased by 3.8% on a YoY basis.
The increase in sales in August was well above expectations, however, sales in June and July were revised down.