US retail sales growth slows in November despite solid YoY gains

Clothing and accessories sales slipped 0.04 per cent MoM on a seasonally adjusted basis while rising 8.16 per cent YoY.

The retail sales saw strong YoY growth, with the first half of the holiday shopping season putting results on track to meet the NRF’s spending forecast, it said in a press release.

The core retail sales (excluding restaurants in addition to auto dealers and gas stations) was down a slight 0.04 per cent MoM in November but up 4.66 per cent YoY. That compared with increases of 0.6 per cent MoM and 4.89 per cent YoY in October.

Total sales were up 5.06 per cent YoY for the first 11 months of the year, and core sales were up 5.22 per cent.

The November results come as NRF is forecasting that 2025 holiday sales from November 1 through December 31 will increase between 3.7 per cent and 4.2 per cent compared with 2024 to just over $1 trillion. NRF has forecast that retail sales for the entire year will increase between 2.7 per cent and 3.7 per cent over 2024 to as much as $5.48 trillion, added the release.

The general merchandise sales fell 0.73 per cent MoM but increased 3.1 per cent annually, while furniture and home furnishings posted a marginal 0.01 per cent monthly gain and a 0.53 per cent YoY rise.

“Retail sales showed healthy year-over-year gains in November while month-over-month data was largely flat,” said Matthew Shay, president and CEO at NRF. “Shoppers looking for online deals may have held back a bit until Cyber Monday, which landed in December due to a late Thanksgiving, likely shifting some spending. Consumers are focusing on value and spending carefully during the holiday period, and retailers are offering products at competitive prices to fit every budget. We remain confident in our 2025 holiday forecast as well as our retail sales projections for the full year.”

ALCHEMPro News Desk (SG)