For the first eight months of 2024, total sales were up 2.08% year over year, while core sales increased 2.33%. Credit: Shutterstock

Based on data shared by Retail Monitor, August sales were up in five out of nine retail categories on a yearly basis, led by online sales, clothing and accessories stores and health and personal care stores. Monthly gains were also recorded in five categories.

Clothing and accessories stores were up 2.13% month over month seasonally adjusted and up 11.44% year over year unadjusted.

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NRF President and CEO Matthew Shay highlighted that retail sales data for August indicates continued consumer spending on household priorities. He believes this is despite a “slowing labour market” that is expected to prompt the Fed to finally lower interest rates in September.

Shay added: “Even with slower employment growth, unemployment is near historical lows and ongoing job and wage gains coupled with lower inflation should keep consumers on solid footing heading into the holiday season. Lower interest rates take time to trickle down and won’t provide an immediate boost but should stabilize the economy.”

Total retail sales, excluding automobiles and gasoline, were up 0.45% seasonally adjusted month over month and up 2.11% unadjusted year over year in August, according to the Retail Monitor. This followed July’s gains of 0.74% month over month and 0.92% year over year.

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The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) rose 0.17% month over month in August and 1.93% year over year, compared to July’s increases of 0.95% month over month and 1.69% year over year.

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For the first eight months of 2024, total sales were up 2.08% year over year, while core sales increased 2.33%.

Online and other non-store sales were up 1.49% month over month seasonally adjusted and up 17.03% year over year unadjusted.

In June, US clothing sales dipped from a month earlier but were up year-over-year as consumers continued to de-prioritise non-essential purchases.