September retail sales
released today by the U.S. Commerce Department show total retail sales
(which include non-general merchandise categories such as autos,
gasoline stations and restaurants) were flat (0.0%) unadjusted over
last year and down 1.2 percent seasonally adjusted from August.
“With economic concerns weighing down consumers, retailers are facing
incredible challenges heading into the fourth quarter,” said NRF Chief
Economist Rosalind Wells. “Retailers are cutting operating costs by
whittling back inventory levels and trimming labor costs, but it is
nearly impossible for companies to fully counteract a complete pullback
in consumer spending.”
There were few bright spots as the slowdown in consumer spending
impacted most discretionary retail categories. Sales at furniture and
home furnishing stores decreased 2.3 percent seasonally adjusted from
the previous month and dropped 9.2 percent year-over-year unadjusted.
Electronics and appliance stores declined 1.5 percent month-to-month
seasonally adjusted while decreasing 2.1 percent unadjusted from
September 2007.
Apparel retailers also saw declines of 2.3 percent seasonally adjusted
from August and dipped 2.0 percent unadjusted year-over-year.
As consumers continue to focus on necessities, health and personal
care stores’ sales remained solid, increasing 0.4 percent seasonally
adjusted from last month and 6.3 percent unadjusted year-over-year.
Grocery stores also posted strong gains, increasing 3.8 percent
unadjusted from September 2007, while decreasing 0.4 percent from
August.
|
