Retail sales in September experienced a modest decline compared to August, with a 0.32% drop month-over-month, according to the latest CNBC/NRF Retail Monitor powered by Affinity Solutions. Despite this, year-over-year sales were still up 0.55%, reflecting continued consumer spending amid easing inflation and rising employment.
National Retail Federation (NRF) President and CEO Matthew Shay attributed the pullback to a combination of factors, including geopolitical tensions, upcoming elections, and concerns over a potential port strike. “Consumers exercised caution, but spending on household priorities remained steady,” Shay said.
Key sectors saw mixed results. Online and non-store sales led growth with a 15.21% increase year-over-year, followed by strong performances in clothing, accessories, and health and personal care. However, categories such as electronics, appliances, and furniture experienced declines both monthly and annually.
This marked the first month-over-month decline in retail sales since January, but core sales—excluding restaurants, auto dealers, and gasoline stations—grew 2.18% year-over-year for the first nine months of 2024.
