Real Core Retail Sales Fell in August, Trend Growth Is Weak

Total nominal retail sales and food-services spending rose 0.3 percent in August following a 0.4 percent decrease in July. From a year ago, retail sales are up 9.2 percent and remain well above the pre-pandemic trend (see first chart).

Nominal retail sales excluding motor vehicle and parts dealers and gasoline stations – or core retail sales – rose 0.3 percent in August, matching the 0.3 percent gain in July. From August 2021 to August 2022, core retail sales are up 7.6 percent. As with total retail sales, core retail sales remain well above the pre-pandemic trend (see first chart).