CNBC/NRF Retail Monitor reported retail sales in the United States dropped slightly month-over-month in September but moved ahead of the total for the same period in 2023.
Total retail sales, excluding automobiles and gasoline, slipped 0.32% seasonally adjusted month over month but gained 0.55% unadjusted year over year in September. The Retail Monitor calculation of core retail sales, which excludes restaurants in addition to automobiles dealers and gasoline stations, slipped 0.28% month over month in September but gained 0.94% year over year. In August, core retail sales increased 0.17% month over month and 1.93% year over year.
The month-over-month decline was the first since January for both total and core sales and only the second since the Retail Monitor started tracking sales in October 2022. Total sales were up 1.91% year over year for the first nine months of 2024 with core sales up 2.18%.
August sales by retail channel were, according to Retail Monitor:
- General merchandise stores were down 0.1% month over month seasonally adjusted but up 2.09% year over year unadjusted.
- Building and garden supply stores were down 1.82% month over month seasonally adjusted and 4.25% year over year unadjusted.
- Electronics and appliance stores were down 0.6% month over month seasonally adjusted and 1.63% year over year unadjusted.
- Furniture and home furnishings stores were down 1.5% month over month seasonally adjusted and 4.8% year over year unadjusted.
- Health and personal care stores were up 0.04% month over month seasonally adjusted and 4.82% year over year unadjusted.
- Grocery and beverage stores were down 0.1% month over month seasonally adjusted but up 0.42% year over year unadjusted.
- Sporting goods, hobby, music and book stores were down 1.29% month over month seasonally adjusted and 9.46% year over year unadjusted.
- Clothing and accessories stores were up 1.06% month over month seasonally adjusted and 10.31% year over year unadjusted.
- Online and other non-store sales were up 1.59% month over month seasonally adjusted and 15.21% year over year unadjusted.
“After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales,” NRF president and CEO Matthew Shay said. “Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike and lingering inflation in services, shoppers showed caution. However, year-over-year gains showed consumers were still spending on household priorities.”
Unlike survey-based numbers collected by the U.S. Census Bureau, Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually, NRF noted.
