US retail sales show strong growth in November 2023

The US Census Bureau's findings align with this trend, reporting overall retail sales in November up by 0.3 per cent from October and a 4.1 per cent increase compared to the same period last year. October's data had shown a 0.2 per cent monthly decrease and a 2.2 per cent annual increase. Focusing on core retail sales, which exclude automobile dealers, gasoline stations, and restaurants, there was a significant rise. These sales were up by 3.3 per cent unadjusted YoY on a three-month moving average as of November and saw a 3.7 per cent increase for the first 11 months of the year.

Looking ahead, the NRF forecasts that holiday retail sales from November 1 through December 31 will rise between 3 per cent and 4 per cent over 2022. This increase is expected to set a new record, with total sales projected to be between $957.3 billion and $966.6 billion.

“The report highlights consumers’ strength and continuing capacity to spend,” said NRF chief economist Jack Kleinhenz. “Jobs and wage gains together with falling energy prices have supported holiday shopping as we predicted. Lower inflation for goods has helped savvy consumers make smart decisions about holiday purchases. The year-over-year comparison shows spending is on track to meet our projection for a sound holiday shopping season.

ALCHEMPro News Desk (DP)