A solid back-to-school shopping season helped retailers achieve positive sales in August, according to the National Retail Federation. August retail sales (not including automobiles, gas stations, and restaurants) was up 0.2% seasonally adjusted from July and up 3.8% unadjusted year-over-year.
Electronics and appliance stores' sales, however, were down 1.4% seasonally adjusted month-to-month and down 2.1% unadjusted year-over-year.
"While retailers continue to witness sustained sales growth, consumers remain cautious about their discretionary expenditures," NRF Chief Economist Jack Kleinhenz said. "Consumers have carried much of the growth during the economic recovery, despite high food and gas costs. Though the economy isn't backsliding, growth continues to be a sore point."
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