Friday, September 12, 2014

Retail Sales Increased a Strong 0.6% in August

Retail sales improved 0.6% in August, the fastest monthly pace since April. August’s report included upward revisions to previous months. Automobile sales led the increase, growing 1.5% in August. Year-over-year growth was also strong, improving 5.0%, the strongest yearly growth since July 2013.

Excluding automobile and gasoline sales, retail sales grew 0.5% in August. Building materials also saw strong growth at 1.4%. The report was generally positive, indicative of a growing and strengthening economy. The growth for the remainder of the year should continue August’s trend.

Gasoline sales declined 0.8%, however gasoline sales tend to be volatile from one month to the next.

Read the Census report.

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