According to the National Retail Federation, October retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.3% seasonally adjusted over September and 2.6% unadjusted over last year.
“This continued momentum is good news for the industry, especially with Black Friday and Cyber Monday quickly approaching,” said NRF President and CEO Matthew Shay. “While there is no question that consumer demand has improved, there are still questions about consumer confidence tied to high unemployment. We need to see improvement in key economic indicators to sustain any long-term growth.”
October retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 1.2% seasonally adjusted over September and 5.4% unadjusted year-over-year.
“While spending throughout the industry was varied, it appears the fourth quarter has gotten off to a solid start,” said NRF Chief Economist Jack Kleinhenz. “October”s results are a clear indicator that the economy and consumer spending continue to show marked improvement, even though we expect consumers to proceed with caution.”
Cooler, seasonal weather in October helped apparel and sporting goods stores' sales. Clothing and clothing accessory stores sales increased 0.7% seasonally adjusted over last month and 1.4% unadjusted over last year. Sales at sporting goods, hobby, book and music stores increased 1.0% seasonally adjusted month-to-month and 5.9% unadjusted year-over-year.
Building material and garden equipment and supplies dealers sales also showed solid growth, increasing 1.9% seasonally adjusted month-to-month and 7.3% unadjusted over last year. Health and personal care stores sales decreased 0.1% seasonally adjusted from September but increased 1.6% unadjusted year-over-year.
