Retail sales of all goods were flat in September, up 8.2 per cent from a year earlier, the lowest level since April, amid high inflation and continued interest rate hikes by the US Federal Reserve, according to data released by the Commerce Department on September 14.

Clothing retail sales remained flat and real spending fell back

Specifically, department stores saw the biggest month-on-month increase in sales, up 1.3 per cent from August. Clothing and apparel store sales rose 0.5% month-on-month; Sales of furniture and home products continued to decline. Since these measures are not adjusted for inflation, they mean real consumer spending has fallen. Experts expect retail sales to rise slightly in October, boosted by holiday shopping, even though inflation remains high.

Clothing and apparel stores: Retail sales in September were $26.23 billion, up 0.5 percent from the previous month and 3.1 percent from a year ago. Cumulative retail sales for the January-September period were $233.01 billion, up 8.2 percent from the same period last year.

Furniture and home stores: Retail sales were $12.02 billion in September, down 0.7 percent from the previous month and up 0.9 percent from a year ago. Cumulative retail sales in the January-September period were $108.76 billion, up 1.9 percent from the same period last year.

General stores (including supermarkets and department stores) : Retail sales in September were $70.1 billion, up 0.7 percent from the previous month and 3.7 percent from a year earlier. 1-9 Cumulative retail sales of US $620.06 billion, up 3.1% from the same period last year.

Nonphysical retailers: Retail sales in September were $109.25 billion, up 0.5 percent from the previous month and up 11.6 percent from a year ago. Cumulative retail sales for the January-September period were $954.56 billion, up 11.2 percent from the same period last year.

Clothing inflation expansion

The latest data from the U.S. Labor Department showed that the annual growth rate of the U.S. consumer price index slowed to 8.2% in September, while the annual growth rate of the core CPI expanded 0.3 percentage point to 6.6%. Clothing CPI rose 5.6 per cent in September from a year earlier, expanding from a 5 per cent rise in the previous month.

Clothing inventories continue to grow

In August, the inventory/retail sales ratio at American Apparel and Apparel stores was 2.22, up 0.5 percent from the previous month. The inventory/retail ratio continued to rise after breaking 2.00 in January. The furniture and electronics store inventory/retail sales ratio fell 1.2 percent from the previous month to 1.65, the second consecutive monthly decline.

Import growth has slowed

Textiles and apparel: From January to August, the United States imported US $102.14 billion of textiles and apparel, up 13.8 percent year on year, 0.4 percentage points slower than the import growth of the previous July. Imports from China reached US $27.63 billion, up 1.6% year on year; Accounting for 27.1 percent, down 3.3 percentage points year-on-year. Imports from Vietnam, India, Bangladesh and Indonesia increased by 30.3%, 25.9%, 50.7% and 47.4%, respectively, accounting for 1.7, 0.8, 1.7 and 1 percentage point more, respectively.

Textiles: Imports were US $25.38 billion, up 5.1 percent year on year, 1.2 percentage points slower than the previous July. Imports from China reached 9.3 billion US dollars, up 4% year on year; It accounted for 36.6 percent of the total, down 0.4 percentage points year on year. Imports from India, Mexico and Pakistan increased by 4.7%, 4.5% and 9.5%, respectively, while those from Turkey decreased by 10.1%.

Apparel: Imports rose 17 percent year on year to $76.76 billion, 0.2 percentage point slower than the previous July. Imports from China reached US $18.34 billion, up 0.4% year on year; Accounting for 23.9 percent, a decrease of 4 percentage points year-on-year. Imports from Vietnam, Bangladesh, India and Indonesia increased by 31.5%, 53%, 55.2% and 49.1%, respectively, accounting for 1.9, 2.1, 1.4 and 1.2 percentage points more, respectively.

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