Spending slows in Sep, but YoY US retail sales growth robust: CNBC-NRF

Total retail sales, excluding automobiles and gasoline, were down by 0.66 per cent seasonally adjusted month on month (MoM), but up by 5.42 per cent YoY unadjusted in September, according to the Retail Monitor. That compared with increases of 0.5 per cent MoM and 6.81 per cent YoY in August.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down by 0.49 per cent MoM in September, but up by 5.72 per cent YoY. That compared with increases of 0.26 per cent MoM and 6.67 per cent YoY in August.

Total sales were up by 5.12 per cent YoY for the first nine months of the year and core sales were up by 5.32 per cent YoY.

September sales were up in all but one category on a yearly basis, led by digital products, sporting goods stores and clothing stores, but were down in five out of nine categories on a monthly basis.

Sales at clothing and accessories stores were down by 1.06 per cent MoM seasonally adjusted, but up by 7.35 per cent YoY unadjusted.

Sales at general merchandise stores were down by 0.62 per cent MoM seasonally adjusted, but up by 5.52 per cent YoY unadjusted.

Sales at furniture and home furnishings stores were down by 1.87 per cent MoM seasonally adjusted, but up by 0.56 per cent YoY unadjusted.

“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” NRF president and chief executive officer Matthew Shay said in a release.

“Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays,” he noted.

ALCHEMPro News Desk (DS)