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    US retail sales increase in September as commodity spending takes precedence over services: NRF

    Concerns over COVID-19 Delta variants, according to the National Retail Federation (NRF), have turned consumer spending into commodities rather than services such as food, entertainment and travel, despite supply chain disruptions and inflation. As a result of the boost, US retail sales increased again in September. Consumer power is expected to continue.

    “Despite the ongoing challenges associated with global pandemics, supply chains and labor shortages, retailers and their partners have a workforce to serve their customers and the communities in which they do business. It shows the resilience and ingenuity of introducing products and systems. In a statement, Matthew Shay, president and chief executive officer of NRF, recorded this year’s imports and solved these issues together. And I am confident that we will have a healthy and happy vacation season.

    “The economic resumption was interrupted by COVID-19 and non-retail consumer spending surged towards the end of summer,” said Jack Kleingents, chief economist at NRF.

    According to the National Retail Federation, US retail sales increased again in September as concerns over the COVID-19 Delta variant pushed consumer spending to commodities rather than services such as entertainment and travel. Consumer spending is expected to continue.

    “Consumers remained active, but retail sales didn’t reflect as much as we expected from the shift from goods to services. This was a plus for retailers, because they accumulated during the pandemic. Consumers still have excessive spending capacity, thanks to increased wages and jobs, and household savings. In addition, partly because the school district delayed opening until after Workers’ Day. New semester spending could have spilled over from August to September, “he said.

    “Overall, the September report looks forward to a strong finish this year. Nevertheless, rising inflation and a slowdown in the supply chain are still concerns. There is a shortage of products consumers want to buy. If not, it would have been a lot of spending, “added Kleingents.

    The US Census Bureau recently announced that overall retail sales in September increased seasonally from August by 0.7%, up 13.9% year-on-year. This is compared to August’s monthly increase of 0.9%, a year-on-year increase of 15.4%.

    According to census data, monthly sales have increased year by year since June 2020, despite monthly declines.

    NRF’s retail sales calculation (focusing on core retail excluding car dealers, gas stations and restaurants) also increased seasonally from August by 0.7% in September and 11% year-on-year in September. Showed that it increased.

    This is compared to August’s 2.4% month-on-month and 12.2% year-on-year increases. NRF figures are a three-month moving average, unadjusted, up 10.7% year-on-year.

    During the first nine months of this year, sales calculated by NRF increased by 14.5% over the same period in 2020. This is $ 4.56 trillion, with retail sales in 2021 increasing 10.5-13.5% to $ 4.44 trillion in 2020.

    September sales of clothing and garment accessories stores were seasonally adjusted, up 1.1% month-on-month and unadjusted, up 22.5% year-on-year.

    Furniture and furniture stores were seasonally adjusted, up 0.2% month-on-month and unadjusted, up 13.7% year-on-year. Sporting goods stores were seasonally adjusted, up 3.7% month-on-month, and unadjusted, up 13% year-on-year.

    Fiber2Fashion News Desk (DS)

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    US retail sales increase in September as commodity spending takes precedence over services: NRF

    Source link US retail sales increase in September as commodity spending takes precedence over services: NRF

    The post US retail sales increase in September as commodity spending takes precedence over services: NRF appeared first on Eminetra.

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