August retail sales increased year-on-year
for the first time since February
WASHINGTON – Furniture and home furnishings store sales finally broke its five-month slump in August, posting year-over-year and month-over-month increases of 3.8% and 2.1%, respectively.
In total, furniture and home furnishings store sales earned a projected $10.23 billion in the month of August. July’s adjusted $10.02 billion total is up from a previously reported $9.82 billion total for the month, according to the U.S. Department of Commerce report released today.
In furniture home furnishings, several factors could have kept the sector from increasing significantly in August, including a lack of major retail holidays that would have helped drive customers to stores. Additionally, ongoing COVID-19 safety concerns, issues with keeping product in stock at retailers and an increased focus on the upcoming election cycle all made selling more difficult, much like in July, which saw similarly flat numbers.
Advance estimates of U.S. retail and food services sales for August 2020 were comparable to July’s relatively flat results, too. Initial results say that overall sales hit $537.53 billion, an increase of 0.6% from the previous month and 2.6% year-over-year. Retail trade sales were up 0.1% percent from the previous month, and 5.1% above the same month last year for a total of $482.88 billion.
Year-over-year, losses and gains were much higher stake. Non-store retailers reclaimed its spot at the top, posting a 22.4% gain in August, and building material and garden equipment and supplies dealers moved up from third with a 15.4% increase.
Looking at the three-month period of June to August 2020, total sales were up 2.4% year-over-year, with non-store retailers posting the largest gains in the individual sectors with a 23.2% increase followed by building material and garden equipment and supplies dealers and sporting goods, hobby, musical instrument and book stores, both up 16.8%.
Furniture and home furnishing store sales remained relatively flat for the three-month period year-over-year, posting only a 1.8% gain, but was up 58.3% from the March-May 2020 period.
The growth of retail sales means that the situation has improved, but the economic growth affected by COVID-19 will still be tested.
Customers of CXD hotel engineering projects are now entering normal working conditions one after another, and we all hope to have sustained and stable development under the new circumstances.