Retail sales saw their 13th straight month of gains in October even as high gas prices continued, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.
“Retail sales edged higher in October as a strong Halloween season and early winter holiday promotions pulled demand forward,” says NRF president and CEO Matthew Shay. “Households are managing budgets carefully, timing purchases around special offers and sales events in order to stretch their dollars. Retailers continue to offer promotions and value pricing to keep everyday items and holiday gifts affordable.”
Total retail sales, excluding automobile dealers and gasoline stations, were $561.7 billion in October, up 0.15% month over month and up 3.57% year over year, both seasonally adjusted, according to the Retail Monitor. That compared with $560.8 billion in September, which was up 0.28% month over month and up 4.05% year over year.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was $454.2 billion in October, up 0.26% month over month and up 3.36% year over year. That compared with $453.1 billion in September, which was up 0.27% month over month and up 3.73% year over year.
Total sales were up 5.75% for the first 10 months of the year while core sales were up 5.63%.
Led by a 9.3% gain in electronics and appliances, sales were higher year over year in all categories except furniture and home furnishings, which were down 2.62%, and sporting goods, which were down 0.44%. Sector breakdowns are available here.
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