US DATA: Redbook Retail Sales Closes August Strong, "De Minimis" Noted As Factor

Johnson Redbook retail sales rang up a 6.1% Y/Y increase in August, following consecutive weekly 6.5% Y/Y gains to end the month. This brought sales close to retailers' targeted 6.2% gains for the month.

• The report notes a preliminary target for September of 6.3% Y/Y sales growth.
• The anecdotal portion of the report highlights potential shifts in shopping habits due to the recent elimination of de minimis exemptions on small value imports: "Most companies in our sample reported strength in back-to-school apparel categories, particularly for children's and juniors' clothing and shoes. Shoppers are prioritizing value and are increasingly shopping at warehouse clubs and discount stores.  This trend has also been somewhat influenced by the loss of duty-free status for cheap imports priced at $800 or less in the United States. For most retailers, the August sales period concluded on Saturday, the 30th, which means that the bulk of Labor Day shopping will not be reflected in this week's report."
• August Census Bureau advance retail sales are only out on Sep 16th; there is no consensus yet but the Redbook report continues to point to fairly robust dynamics (on a nominal basis, at least). Y/Y Control Group printed 4.8% Y/Y in July vs 5.4% for Johnson Redbook.