Retail sales were solid in October based on consumer spending driven in part by year-to-date job and wage growth, according to the CNBC/NRF Retail Monitor report from the National Retail Federation.
Total retail sales, excluding automobiles and gasoline, gained 0.74% seasonally adjusted month over month and up 4.13% unadjusted year over year in October, according to the Retail Monitor. The advance contrasts with a decrease of 0.32% month over month and an increase of 0.55% year over year in September.
The Retail Monitor calculation of core retail sales, excluding restaurants as well as automobiles dealers and gasoline stations, increased 0.83% month over month in October and up 4.59% year over year versus a decline of 0.28% month over month and an increase of 0.94% year over year in September.
The year-over-year gain in total sales was the largest since 4.24% in November 2023 while the year-over-year increase for core sales was the largest since 4.76% in August 2023, NRF noted. Total sales advanced 2.13% year over year for the first 10 months of 2024 and core sales increased 2.42%.
Results in key sectors were, NRF pointed out:
- General merchandise stores were up 0.05% month over month seasonally adjusted and 5.51% year over year unadjusted.
- Health and personal care stores were up 1.45% month over month seasonally adjusted and 8.35% year over year unadjusted.
- Furniture and home furnishings stores were up 0.58% month over month seasonally adjusted and 1.87% year over year unadjusted.
- Building and garden supply stores were up 1.69% month over month seasonally adjusted and 3.12% year over year unadjusted.
- Electronics and appliance stores were down 0.81% month over month seasonally adjusted and down 0.64% year over year unadjusted.
- Grocery and beverage stores were up 0.87% month over month seasonally adjusted and 3.76% year over year unadjusted.
- Sporting goods, hobby, music and book stores were up 2.7% month over month seasonally adjusted but down 1.23% year over year unadjusted.
- Clothing and accessories stores were down 0.57% month over month seasonally adjusted but up 8.56% year over year unadjusted.
- Online and other non-store sales were up 1.84% month over month seasonally adjusted and 19.38% year over year unadjusted.
“Healthy spending resumed in October as consumers continued to benefit from this year’s job gains and higher wages,” NRF President and CEO Matthew Shay said. “Inflation is mostly limited to services at this point and prices for some retail goods are actually falling. October sales have set the stage for a good start to the holiday shopping season.”
Unlike survey-based numbers collected by the United States Census Bureau in its retail sales research, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions that does not need to be revised monthly or annually, NRF maintained.
