Year-Over-Year Retail Sales Up In September
Retail sales saw a slight month-over-month drop in September but consumers continued to spend more than last year as interest rates and inflation fell and employment rose, according to the CNBC/NRF Retail Monitor from the National Retail Federation.
Total retail sales, excluding automobiles and gasoline, were down 0.32% seasonally adjusted month-over-month but up 0.55% unadjusted year-over-year in September, according to the Retail Monitor. That compared with increases of 0.45% month-over-month and 2.11% year-over-year in August.
“After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales,” said Matthew Shay, president and CEO of the National Retail Federation. “Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike, and lingering inflation in services, shoppers showed caution. However, year-over-year gains showed consumers were still spending on household priorities.”
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down 0.28% month-over-month in September but up 0.94% year-over-year. That compared with increases of 0.17% month-over-month and 1.93% year-over-year in August.
September sales were up in five out of nine retail categories on a yearly basis, led by online sales, clothing and accessories stores, and health and personal care stores. Sales were up in three categories on a monthly basis. Specifics from key sectors include:
- Online and other non-store sales were up 1.59% month-over-month seasonally adjusted and up 15.21% year-over-year unadjusted.
- Clothing and accessories stores were up 1.06% month-over-month seasonally adjusted and up 10.31% year-over-year unadjusted.
- Health and personal care stores were up 0.04% month-over-month seasonally adjusted and up 4.82% year-over-year unadjusted.
- General merchandise stores were down 0.1% month-over-month seasonally adjusted but up 2.09% year-over-year unadjusted.
- Grocery and beverage stores were down 0.1% month-over-month seasonally adjusted but up 0.42% year-over-year unadjusted.
- Electronics and appliance stores were down 0.6% month-over-month seasonally adjusted and down 1.63% year-over-year unadjusted.
- Building and garden supply stores were down 1.82% month-over-month seasonally adjusted and down 4.25% year-over-year unadjusted.
- Furniture and home furnishings stores were down 1.5% month-over-month seasonally adjusted and down 4.8% year-over-year unadjusted.
- Sporting goods, hobby, music, and bookstores were down 1.29% month-over-month seasonally adjusted and down 9.46% year-over-year unadjusted.
