CSIMarket
 
 

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 % 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.


Advance Monthly Sales



Fuels & Transportation

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 %.


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 % to $53 billion from Feb. 2023.

  
  CPI
  Vehicle Sales
  Personal Income
  Employment Situation
  GDP


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.


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