Pick These 4 Stocks To Counter Soft August Retail Sales
Zacks Investment Research | Sep 18, 2017 09:22PM ET
Back-to-back hurricanes disrupted activity and caused damage to homes, vehicles, commercial real estate and public infrastructure. The impact was visible to an extent in the soft August retail sales. The Commerce Department stated that U.S. retail and food services sales declined 0.2%, as people refrained from buying motor vehicles and spent less at clothing & clothing accessories stores and electronics shops. However, retail sales rose 3.2% from August 2016.
Market experts asserted that while recent hurricanes resulted in short-term derailment in the economic activity, a lift in the later part of the year remains on the cards with construction activities and business investments likely to steam up along with an expected boom in auto sales. However, they cautioned that a surge in gasoline prices will pinch the pockets of consumers who make bulk purchases during the holiday season.
Per National Retail Federation’s latest forecast retail sales — excluding autos, gas and restaurant — are expected to jump in the band of 3.2-3.8% in 2017. Data compiled by eMarketer expects sales to jump 3.8% to $5.048 trillion this year, with e-commerce sales expected to account for approximately 9% of total sales.
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