NRF: Retail sales up 0.5 percent in September

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NRF: Retail sales up 0.5 percent in September

October 14, 2009

Washington--Retail sales saw a boost in September, increasing 0.5 percent over August sales, according to the National Retail Federation (NRF).

The retail industry sales number, which excludes the automobile, gas station and restaurant sectors, however, was 1.5 percent less than September of last year.

The U.S. Commerce Department, from which the NRF draws its numbers, finds that there was a moderate sales increase in most business categories compared with the previous month. Food and beverage stores were up 0.7 percent, and grocery stores specifically saw a rise of 0.9 percent. Health and personal care stores were up 0.8 percent.

Building material and garden equipment dealers remained the odd man out and one of the few categories to see a drop in sales compared with the previous month (down 0.2 percent). However, furniture and home furnishing stores, which were down in August, saw the greatest boost of all the retail categories in September (1.4 percent). The growth indicates that consumers might be starting to invest more in their homes. In addition, sales at gasoline stations increased 1.1 percent, though this data was not included in the NRF estimate.

"Retail is not out of the woods yet, but consumers felt comfortable enough last month to spend on more than just necessities," Rosalind Wells, chief economist for the NRF, said in a media release. "As we head into the essential fourth quarter, retailers will likely continue aggressive promotions and discounts to bring people back into stores."

The findings are consistent with Tuesday's news from Deloitte that its Consumer Spending Index increased 3.44 percent--the fourth consecutive month of increase, thanks to increasing real wages and stabilizing home prices and unemployment.

"There's a perception out there because credit is contracting, some people think that has to mean that spending is going to continue to fall," said Bob Brinker, editor of the Brinker Fixed Income Adviser. "Instead, people are just spending their cash and their savings instead of putting it on their credit card, and that's probably a good thing over the long term."

Brinker believes that on the whole this represents good news for retail.

"If you take an objective look at those numbers you have to be impressed that the consumer continues to stay in the game."

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NRF: Retail sales up 0.5 percent in September

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