Commerce Department: Retail sales in serious slump    

Washington – Adding to the documentation of economic uncertainty, the U.S. Commerce Dept. today issued its advance estimate of seasonally adjusted U.S. retail and food services sales for September: $375.5 billion, a dreary drop of 1.2% from August 2008 and a fall of 1.0% from September 2007.

Essentially, retail sales are down to a level not seen since August 2007 – suggesting a whole year of growth has been foregone. Sales peaked in June 2008 at $384.1 billion, and have fallen off since.

And most painful, while the gasoline and food and beverage components were both up for the month, everything else – what Commerce calls “retail trade sales” – was down 1.2% from August and was 1.4% below September 2007.

Particularly hard hit, the furniture and home furnishings stores component, at $8.84 billion, was down 10.7% from September 2007.

General merchandise stores, at $50.08 billion in volume, were up 3.4% from September 2007, a rise likely attributable to higher prices for consumables.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT digital edition

See the June 2017 issue of Home & Textiles Today. In this issue, we discuss how U.S, ports are gearing up for the future, and what to expect from second half trade shows. See details!