US retail sales show moderate growth in November: NRF

US’ retail sales growth continued at a moderate pace in November, according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions, released by the National Retail Federation. Despite two of the holiday season’s busiest shopping days extending into December and not being included in the month's totals, a slight increase in the sales was observed.

Total retail sales, excluding automobiles and gasoline, saw a 0.15 per cent increase month over month (MoM) seasonally adjusted, and a 2.35 per cent rise year over year (YoY) unadjusted in November. This was a slowdown compared to October’s growth, which stood at 0.74 per cent MoM and 4.13 per cent YoY.

Core retail sales, excluding restaurants, automobile dealers, and gasoline stations, decreased by 0.19 per cent MoM in November but increased by 1.43 per cent YoY. This was a decline compared to October's growth of 0.83 per cent MoM and 4.59 per cent YoY. Monthly sales saw growth in just two categories, with online and other non-store sales up by 1.32 per cent MoM seasonally adjusted and a significant 21.48 per cent YoY unadjusted.

Clothing and accessories stores experienced a slight decline of 0.18 per cent MoM seasonally adjusted but saw a 4.21 per cent increase YoY unadjusted. General merchandise stores were down by 0.05 per cent MoM seasonally adjusted, though sales rose by 2.01 per cent YoY unadjusted.

For the first 11 months of 2024, total retail sales increased by 2.15 per cent YoY, while core sales rose by 2.33 per cent. The NRF has forecast that retail sales during the November-December holiday season will grow between 2.5 per cent and 3.5 per cent over 2023.

“November sales increased on top of a strong October and would have been even higher if Thanksgiving Sunday and Cyber Monday hadn’t fallen in December. “Year-over-year gains were solid even as retail prices in many categories are lower this year, showing that consumers are buying more merchandise as the economy continues to grow. We remain confident in our holiday forecast,” NRF president and CEO Matthew Shay said.

ALCHEMPro News Desk (HU)