Wednesday, October 15, 2014

Retail Sales Declined in September

Retail sales declined 0.3% in September, the first monthly decline since January, when sales were depressed due to the cold weather. Clothing sales led the decline. September’s year-over-year growth was 4.3%, a slowing of the annual pace from August, but above July’s annual pace.

Despite the overall decline, some categories of retail sales showed improvement. Electronics and appliances had the strongest monthly growth at 3.4%. The largest monthly drop occurred for clothing and accessories, which shrank 1.2%. The drop more than offset the gain from the month prior.

Despite weaker report in September, future outlook is strong. The steady improvements in the labor market should drive spending higher.

Read the Census report.

No comments:

Post a Comment

Please read our comment policy before making a comment.