Sales stats reveal industry strength
Retail sales in October increased 0.4% over September on a seasonally adjusted basis and were up 5.6% year-over-year unadjusted, according to calculations released today by the National Retail Federation. The numbers exclude automobiles, gasoline stations and restaurants.
In data released Thursday by the U.S. Census Bureau, building materials and supplies stores (NAICS 444) sales were up 6.5% unadjusted year-over-year and up 1.0% seasonally adjusted from September.
“Today’s pickup in retail sales shows a healthy pace of spending and a sign of ongoing consumer strength which is consistent with the state of the US economy,” NRF Chief Economist Jack Kleinhenz said. “The figures bolster expectations for the major shopping period of the year, the holidays. Thanks to a high level of consumer confidence surrounding the current and future economy, we expect spending to maintain its strong momentum.”
General merchandise stores sales were up 3.4% unadjusted year-over-year and up 0.5% seasonally adjusted from September.
Furniture and home furnishings stores sales were up 3.2% unadjusted year-over-year and down 0.3% seasonally adjusted from September.
“The pickup in October was also due in part to delayed spending associated with the hurricanes in early fall,” Kleinhenz said.
October sales were up 4.3% on a three-month moving average compared with the same period a year ago.
NRF’s numbers are based on data from the U.S. Census Bureau, which released overall October sales – including automobiles, gasoline and restaurants – were up 0.8% seasonally adjusted from September and 4.6% above October 2017.
The October numbers come as retail continues a long-term pattern of increased sales. Total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF – excluding automobiles, gasoline stations and restaurants— have increased year-over-year in all but one month since the beginning of 2010.
In data released Thursday by the U.S. Census Bureau, building materials and supplies stores (NAICS 444) sales were up 6.5% unadjusted year-over-year and up 1.0% seasonally adjusted from September.
“Today’s pickup in retail sales shows a healthy pace of spending and a sign of ongoing consumer strength which is consistent with the state of the US economy,” NRF Chief Economist Jack Kleinhenz said. “The figures bolster expectations for the major shopping period of the year, the holidays. Thanks to a high level of consumer confidence surrounding the current and future economy, we expect spending to maintain its strong momentum.”
General merchandise stores sales were up 3.4% unadjusted year-over-year and up 0.5% seasonally adjusted from September.
Furniture and home furnishings stores sales were up 3.2% unadjusted year-over-year and down 0.3% seasonally adjusted from September.
“The pickup in October was also due in part to delayed spending associated with the hurricanes in early fall,” Kleinhenz said.
October sales were up 4.3% on a three-month moving average compared with the same period a year ago.
NRF’s numbers are based on data from the U.S. Census Bureau, which released overall October sales – including automobiles, gasoline and restaurants – were up 0.8% seasonally adjusted from September and 4.6% above October 2017.
The October numbers come as retail continues a long-term pattern of increased sales. Total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF – excluding automobiles, gasoline stations and restaurants— have increased year-over-year in all but one month since the beginning of 2010.