Retail sales in October excluding autos, gas and restaurants increased 0.3
percent seasonally adjusted from the previous month and 3.1 percent
unadjusted year-over-year.
“Deflationary pressures, unseasonably warm weather, strong year-over-year comparisons and a shift toward spending on services are just a few reasons October’s sales report came in a little muted,” said National Retail Federation’s Chief Economist Jack Kleinhen. “That said, October falls outside of our expectations for the holiday season and we are still optimistic for solid holiday sales growth.”
“The uptick that is expected to come from recent job and wage improvements has yet to register in terms of our expected economic and spending growth,” continued Kleinhenz. “As some retailers have already reported, overall third quarter growth left a lot to be desired, however, the picture is improving and consumers should start to spend more freely throughout the holiday season.”
The U.S. Commerce Department said on Friday retail sales increased 0.1 percent last month and 1.7 percent year-over-year.
A few specifics from the report include:
- Clothing and clothing accessories stores’ sales were flat from the previous month but increased 4 percent seasonally adjusted year-over-year.
- Sales at sporting goods stores increased 0.4 percent seasonally adjusted over September and a healthy 6.2 percent unadjusted year-over-year.
- General merchandise stores’ sales decreased 0.4 but increased 2.6 percent unadjusted over October 2014.
- Non-store and online sales increased 1.4 percent from the previous month and 5.3 percent unadjusted year- over-year.
- Electronics and appliances stores’ sales decreased 0.4 over the previous month and 3.2 unadjusted year-over-year.
