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Sales Up Amid Gas Hike

WASHINGTON, DC-A US Census Bureau report reveals a sweeping increase in August sales despite accusations of the pump gouging retailer profits.

By Dana Dubriwny | Updated on September 14, 2005

WASHINGTON, DC-Despite an increase in gas prices—which several retailers have blamed for lagging sales—a US Census Bureau report released yesterday revealed that consumers have actually increased August spending by 7.9% compared to the same period last year.

According to the report, advance estimates of US retail and food services sales for August totaled $350.1 billion, which is adjusted for seasonal variation and holiday and trading-day differences but not for price changes. Total sales for the June through August 2005 period were up 9.4% from the same period a year ago.

The gains, compared to a relatively weak August last year, were stronger than the National Retail Federation had been expecting. “Though gas prices are a concern, the August report is further proof that it is unwise to base retail sales projections on one economic indicator,” says NRF’s chief economist Rosalind Wells in response to the news. “Retailers who were anxious about the upcoming holiday season may be breathing a little easier.”

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