Sales at clothing and accessories stores were up by 1.42 per cent month over month (MoM) seasonally adjusted and up by 7.89 per cent YoY unadjusted.
Sales at general merchandise stores were up by 0.58 per cent MoM seasonally adjusted and up by 6.99 per cent YoY unadjusted.
Sales at furniture and home furnishings stores were down by 0.08 per cent MoM seasonally adjusted and down by 1.7 per cent YoY unadjusted.
“Recent economic data has been mixed, yet consumer spending remains solid—supported by wage growth outpacing inflation, historically low unemployment, and wealth effects from strong stock market valuations. These factors point to continued momentum heading into the holidays as consumers focus on family, friends and finding value to make their budgets go further,” NRF president and chief executive officer Matthew Shay said in a release.
Total retail sales, excluding automobile dealers and gasoline stations, were up by 0.6 per cent seasonally adjusted MoM and up by 5 per cent YoY unadjusted in October. That compared with a decrease of 0.66 per cent MoM and an increase of 5.42 per cent YoY in September.
Core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) were also up by 0.6 per cent MoM and 4.89 per cent YoY in October. That compared with a decrease of 0.49 per cent MoM and an increase of 5.72 per cent YoY in September.
Total sales were up by 5.11 per cent YoY and core sales were up by 5.28 per cent YoY for the first ten months of the year.
ALCHEMPro News Desk (DS)
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