November Sales Climb 5 Percent Year Over Year

November retail sales grew a solid 5 percent year over year and 0.1 percent from an already-strong October, according to calculations released by the National Retail Federation.

Online and other non-store sales grew 15.3 percent year over year, reflecting the growth of online shopping. The numbers exclude automobiles, gasoline stations and restaurants.

“Consumers were able to take advantage of low prices throughout the first half of the holiday season, checking out with full baskets but paying less even though purchasing was up,” NRF Chief Economist Jack Kleinhenz said. “The combination of job and wage gains led to solid holiday spending by American households.”

“Consumers have the wherewithal to spend but households remain measured and rational, which is no surprise given their history since the recovery began in 2009,” Kleinhenz said.

There were broad-based monthly increases across the majority of sectors with the exception of sporting goods.

November’s results indicate that retail sales for the holiday season will meet or exceed NRF’s holiday sales forecast, which anticipates an increase of 3.6 percent over last year’s level for November and December. For a look into the art of forecasting, read Kleinhenz’s article, “The Art and Science of Economic Forecasting.”

A few specifics from the report include:
• Online and other non-store sales increased 0.1 percent seasonally adjusted over the previous month and increased 15.3 percent unadjusted year over year.
• Sales at clothing and accessories stores were flat from the previous month and increased 1.9 percent unadjusted year over year.
• Sales at general merchandise stores increased 0.1 percent seasonally adjusted over the previous month and decreased 1.4 percent year over year.
• Electronics and appliances store sales increased 0.1 percent seasonally adjusted over the previous month and decreased 2.5 percent unadjusted year over year.
• Furniture and home furnishings store sales decreased 0.7 percent seasonally adjusted over the previous month and decreased 7.2 percent unadjusted year over year.
• Sales at building materials and supplies stores increased 0.3 percent seasonally adjusted over the previous month and increased 7.5 percent unadjusted year over year.
• Sporting goods store sales decreased 1 percent seasonally adjusted over the previous month and increased 1.6 percent unadjusted year over year.
• Sales at health and personal care stores increased 0.1 percent seasonally adjusted over the previous month and increased 7.7 percent unadjusted year over year.