Retail sales accelerate in February 2024
ADVANCE MONTHLY SALES
Modified 2024-03-15T15:32:49+00:00 Goran Soko / CSIMarket.com Contributer
The rate of growth in retail and food services total sales accelerated due to increase in building materials stores sales by 2.2 %. Retail sales including food services grew in February 2024 by 0.6 % to $700.7 billion on the seasonally adjusted basis to $700.7 billion, reported by the Commerce Department. Consumer increased spending for variety of goods including, food, cars, gasoline and general merchandise.
Sales at dealers of motor vehicles and parts bounced back from a January 2024 decline to advance 1.6 %, a gain that wasn’t too big a surprise considering the monthly vehicle sales report.
Improving rate in retail sales growth is a good news, as the retail sales account for about half of total consumer spending and about a third of final sales in the U.S. economy. Higher retail spending, in turn, has spurred companies to boost their inventories in anticipation of rising sales. Sales rose by 0.4 % over the past 12 months, meanwhile sales excluding volatile motor vehicle and parts sales, increased less than overall retail sales, over the last 12 months.
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Retail Sales |
In February 2024, sales increased 1.5% at electronics and appliance stores, building materials dealers grew by 2.2%.
Meanwhile, sales decreased -100% at internet retailers, clothing and accessories stores -0.5%.
Americans may have also bought spring clothes early, as sales at clothing and clothing accessory stores climbed. However, the weather boost may end up taking away demand later this year, economists warn.
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Fuels & Transportation
Sales of essentials have rebounded from decline in previous period, sales surged by 0.4 % on the seasonally adjusted basis, as gasoline station sales increased the most, representing 7.57 % of total U.S. retail and food services sales. Sale of essentials like food and gasoline fell by -1.4 % from Feb. 2023.
Excluding the volatile auto sector sales grew sequentially smaller than retail and food services sales by 0.3 % on the seasonally adjusted basis.
Investors and the Federal Reserve usually view the core sales as a better gauge of retail sales because it excludes car sales, which often fluctuate. Over the past 12 months, sales excluding cars decreased by -0.1 %.
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Retail Sales by Category
(In millions $)
ADVANCE
MONTHLY SALES
( in millions $) |
Feb. 2024
adv. |
Jan. 2024
adv. |
Dec. 2023
adv. |
Nov. 2023
adv. |
Oct. 2023
adv. |
Retail & food services
total |
|
700,727 |
696,710 |
706,180 |
705,981 |
703,748 |
Total excl. motor
vehicle & parts |
|
566,790 |
564,878 |
571,468 |
570,975 |
569,944 |
Retail |
|
607,425 |
603,825 |
611,733 |
611,454 |
610,564 |
GAFO |
|
513,746 |
512,308 |
518,164 |
517,114 |
513,872 |
Motor vehicle & parts dealers |
|
133,937 |
131,832 |
134,712 |
135,006 |
133,804 |
Auto & other motor veh. dealers |
|
122,618 |
120,455 |
123,217 |
123,460 |
122,320 |
Furniture & home furnishings
stores |
|
10,593 |
10,714 |
10,908 |
10,897 |
10,642 |
Electronics & appliance stores |
|
7,773 |
7,660 |
7,367 |
7,702 |
7,884 |
Appl. TV & camera |
|
- |
- |
- |
- |
- |
Computer & software stores |
|
- |
- |
- |
- |
- |
Building mat. &
garden eq. & supplies dealers |
|
40,417 |
39,536 |
41,331 |
41,495 |
41,445 |
Building mat. & supplies dealers |
|
- |
33,915 |
35,528 |
35,541 |
35,506 |
Food & beverage stores |
|
82,579 |
82,484 |
83,165 |
82,924 |
82,713 |
Grocery stores |
|
74,084 |
74,132 |
74,576 |
74,416 |
74,248 |
Beer, wine & liquor stores |
|
- |
5,935 |
6,127 |
6,046 |
6,040 |
Health & personal care stores |
|
35,999 |
36,117 |
36,868 |
37,310 |
37,481 |
Pharmacies & drug stores |
|
- |
30,217 |
30,675 |
31,239 |
31,437 |
Gasoline stations |
|
53,044 |
52,570 |
53,304 |
53,861 |
56,072 |
Clothing & clothing accessories
stores |
|
26,289 |
26,413 |
26,604 |
26,217 |
25,970 |
Men's clothing stores |
|
- |
- |
- |
- |
- |
Women's clothing stores |
|
- |
3,324 |
3,431 |
3,372 |
3,313 |
Shoe stores |
|
- |
3,224 |
3,288 |
3,222 |
3,226 |
Sporting goods, hobby, book &
music |
|
8,461 |
8,459 |
8,499 |
8,661 |
8,519 |
General merchandise stores |
|
73,785 |
73,513 |
73,904 |
73,063 |
73,020 |
Department stores ex. LD |
|
11,064 |
11,081 |
10,940 |
10,611 |
10,803 |
Other general merchandise
stores |
|
- |
62,432 |
62,964 |
62,452 |
62,217 |
Warehouse clubs & superstores |
|
- |
53,262 |
53,904 |
53,514 |
53,348 |
All other gen. merchandise
stores |
|
- |
9,170 |
9,060 |
8,938 |
8,869 |
Miscellaneous store retailers |
|
15,783 |
15,690 |
15,666 |
15,657 |
15,682 |
Nonstore retailers |
|
- |
109,158 |
109,842 |
108,931 |
107,368 |
Electronic shopping & mail-order
houses |
|
- |
109,158 |
109,842 |
108,931 |
107,368 |
Food services & drinking places |
|
93,302 |
92,885 |
94,447 |
94,527 |
93,184 |
ADVANCE MONTHLY SALES
( in % Y / Y) |
Feb. 2024
adv. |
Jan. 2024
adv. |
Dec. 2023
adv. |
Nov. 2023
adv. |
Oct. 2023
adv. |
Retail & food services
total |
0.41 % |
-0.57 % |
4.32 % |
3.15 % |
1.48 % |
Total excl. motor
vehicle & parts |
-0.08 % |
-0.49 % |
3.4 % |
2.35 % |
1.05 % |
Retail |
0.38 % |
-0.34 % |
4.06 % |
2.71 % |
1.11 % |
GAFO |
0.96 % |
0.66 % |
5.08 % |
4.4 % |
2.85 % |
Motor vehicle & parts dealers
|
2.52 % |
-0.91 % |
8.44 % |
6.68 % |
3.34 % |
Auto & other motor veh. dealers
|
2.21 % |
-1.57 % |
8.5 % |
6.48 % |
2.83 % |
Furniture & home furnishings
stores |
-12.08 % |
-13.31 % |
-7.05 % |
-8.64 % |
-11.77 % |
Electronics & appliance stores
|
7.75 % |
6.48 % |
9.97 % |
13.7 % |
9.24 % |
Appl. TV & camera |
|
|
|
|
|
Computer & software stores
|
|
|
|
|
|
Building mat. &
garden eq. & supplies dealers |
-5.1 % |
-7.27 % |
-2.84 % |
-1.38 % |
-4.89 % |
Building mat. & supplies dealers |
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