(IDEX Online News) – US retail sales edged up in August, rising at a much slower pace than anticipated, according to the National Retail Federation (NRF).

 

August retail sales, excluding automobiles, gas stations and restaurants, increased by just 0.1 percent seasonally adjusted from last month, and were up 3.9 percent unadjusted year-over-year.

 

“Slow growth continues to be the economic story five years after the financial crisis,” said NRF President and CEO Matthew Shay. “The economy, employment, wages, and retail sales continue to stagger along.

 

"Retailers and consumers are resilient but not overly optimistic about the broader economy. While positive retail sales growth continues month-after-month, it is just not strong enough to move the needle."

 

Meanwhile, August retail sales released by the U.S. Census Bureau showed that total retail and food services sales, which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants, increased 0.2 percent seasonally adjusted month-to-month and increased 4.7 percent adjusted year-over-year.

 

“Retail sales gains continue to be tepid,” said NRF Chief Economist Jack Kleinhenz. “Retail sales and employment, while measurably positive, have been disappointing over the last few months, and have been difficult to reconcile with consumer confidence. The data suggests that consumers remain cautious with their pocketbooks and purchases. This month’s weak retail sales report will continue to put pressure on policymakers, who are dealing with tapering, and retailers, who will need to focus on price and value to entice consumer spending."