US retail grew over 4% in October YoY
Retail sales in October increased 0.2 percent seasonally adjusted over September and were up 4.2 percent unadjusted year over year (YoY), the National Retail Federation said. The numbers exclude automobile dealers, gasoline stations and restaurants.
“Despite the gradual slowdown in the U.S. economy, consumers are in a good place and October’s retail sales are a step forward into the all-important holiday season,” NRF Chief Economist Jack Kleinhenz said. “Uncertainty around trade policy has impacted consumer sentiment recently but ongoing job growth, low interest rates, low inflation and the stock market hitting record highs provide support for consumer spending.”
October’s results make up for most of the 0.3 percent month-over-month decline seen in September and build on September’s year-over-year increase of 4.1 percent. As of October, the three-month moving average was up 4.3 percent over the same period a year ago, compared with 4.7 percent in September.
Kleinhenz said October’s year-over-year growth was particularly impressive because it compares with October 2018 sales that were up an unusually strong 5.8 percent over the same month in 2017. NRF’s numbers are based on data from the U.S. Census Bureau, which said today that overall October sales – including auto dealers, gas stations and restaurants – were up 0.3 percent seasonally adjusted from September and up 3.1 percent unadjusted year-over-year.
More specific, Online and other non-store sales were up 14.6 percent year-over-year and up 0.9 percent month-over-month seasonally adjusted.
