US August 2021 retail sales report highlights:
- Prior was -1.1% m/m (revised to -1.8%)
- Retail sales ex autos +1.8% vs -0.1% expected
- Prior ex autos -0.4% (revised to -1.0%)
- Retail sales control group +2.5% vs -0.1% expected
- Prior control group -1.0% (revised to -1.9%)
- Retail sales ex auto and gas +2.0% vs -0.7% prior
- Full report (pdf)
This is an impressive report even with the negative revisions. As expected, vehicle sales were a big drag, down 3.6% while electronics/appliances fell 3.1%. That was balanced by strong furniture store sales, food and beverage stores and non-store retailers (online).
Some key categories (m/m):
- Food services and drinking places 0.0%
- Non store retailers (online) +5.3%
- Clothing and accessories +0.1%
- Gasoline stations +0.2%
- Electronics and appliances -3.1%
- Furniture +3.7%
- Motor vehicle and parts dealers -3.6%
For some perspective, retail sales are 15.1% higher than a year ago. That's well-above the trend and the fear is that it mean reverts. So far we're not seeing the evidence.
