October retail sales were up, though only slightly, signaling a slow down in consumer spending as the retail industry begins its holiday season.
According to the National Retail Federation, retail industry sales for October (which exclude automobiles, gas stations, and restaurants) rose 4.4 percent unadjusted over last year and 0.1 percent seasonally adjusted from September.
October retail sales released by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.2 percent seasonally adjusted from last month and 6.7 percent unadjusted year-over-year.
“Gas prices and other economic issues are beginning to have an affect on consumer spending,” said NRF Chief Economist Rosalind Wells. “While spending did increase in many important areas such as apparel and electronics, the consumer is showing caution while spending.”
An unseasonably warm October led to many leftover fall and winter apparel items at retail stores. Sales at clothing and clothing accessory stores increased a meek 0.1 percent seasonally adjusted from September but rose 4.9 percent unadjusted year-over-year.
Halloween sales may have helped health and personal care stores as many now sell related costumes and accessories; sales increased 0.2 percent seasonally adjusted month-to-month and a solid 5.9 percent unadjusted from last October in those stores.
Building material and garden equipment stores sales showed slight increases in October, growing 0.6 percent seasonally adjusted month-to-month and 3.9 unadjusted year-over-year.
However, furniture and home furnishing stores sales suffered with a 0.9 percent decrease seasonally adjusted from September and 0.5 percent unadjusted from last October.
National Retail Federation
marketing@alchempro.com
