Retail sales surprised economists by staying in positive territory in August, according to the latest data from the Census Bureau…
- M-O-M: U.S. Retail and food services sales were up 0.7% to $618.7 billion in August 2021.
- Y-O-Y: Retail and food services were up 15.1% when compared to August 2020.
NOTE: Sales in the summer, June through August 2021, were up 16.3% when compared to the same period in 2020.
Restaurants saw the biggest month-over-month jump in August. Sales were up 8% when compared to July…
- Department stores weren’t far behind with sales up 7.7% and gas stations came in at number three with an increase of 5.8% when compared to July.
Despite positive numbers, some businesses saw big declines in August. Car dealerships saw the biggest drop at 8% followed by a 6.7% drop for home improvement stores and sporting good stores fell 5.2% when compared to July.
BEAT THE STREET: Any number in the green would have beaten expectations as economists projected sales in August to fall 0.8% when compared to July.