Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NRF: Retail Sales Overcome Headwinds to Increase in August
Retail sales increased during August as consumer demand outweighed the pandemic, supply chain disruptions and other factors affecting spending, the National Retail Federation (NRF) reported. Citing Census Bureau data, the Washington, DC-based trade association said sales in August were up 0.7% seasonally adjusted from July and up 15.1% year-over-year.
“Retail sales in August overcame unusual twists and turns that have affected shopping behavior both in terms of the timing and composition of sales,” said NRF chief economist Jack Kleinhenz. “The consumer remains rock solid despite the trifecta of macroeconomic headwinds we’ve seen this year, including tapering off of government stimulus, elevated COVID-19 infections and ongoing supply chain challenges in the form of shortages of labor and goods.”
He added, “Higher sales came even with a disjointed back-to-school season that also affected the timing of sales,” with many school districts returning to in-person learning but some delaying the start of classes.
- ◦Economy
