US retail sales continue YoY growth streak in October 2023: NRF

The Census Bureau said overall retail sales in October were down 0.1 per cent from September but up 2.5 per cent YoY. That compared with increases of 0.9 per cent month-over-month (MoM) and 4.1 per cent YoY in September.

Core retail sales as defined by NRF—excluding automobile dealers, gasoline stations, and restaurants—were up 3.1 per cent unadjusted YoY on a three-month moving average as of October and up 3.7 per cent for the first 10 months of the year. Those numbers are in line with NRF’s expectation that 2023 annual retail sales will grow about 4 per cent over 2022.

Sales were expected to cool in October and the census numbers are in line with the new CNBC/NRF Retail Monitor, powered by Affinity Solutions, that was released on Monday. The Retail Monitor reported that core October retail sales were down 0.03 per cent seasonally adjusted from September but up 2.63 per cent unadjusted YoY. That compared with increases of 0.09 per cent MoM and 4.39 per cent in September.

As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.

“Fourth-quarter consumer spending stepped off on a more moderate pace, as expected,” said Kleinhenz. “The staying power of the American consumer has been the story of 2023, but financial conditions have tightened appreciably in recent months, curbing the purchasing power fuelled by job and wage gains. Nonetheless, continued consumer resilience is still expected for the holiday season.”

ALCHEMPro News Desk (NB)