The U.S. Census Bureau’s latest data shows a rise in retail sales for September 2024, signaling continued consumer confidence and favorable conditions for the retail sector. According to National Retail Federation (NRF) Chief Economist Jack Kleinhenz, the 0.4% month-over-month increase and 1.7% year-over-year growth reflect consumers’ willingness to spend despite signs of tightening in other areas.
“Consumers are still supporting the economy, and as we approach the holiday season, the retail outlook remains strong,” Kleinhenz noted.
NRF’s core retail sales data, which excludes automobile dealers, gas stations, and restaurants, showed even stronger gains—up 0.7% month-over-month and 2.4% year-over-year. These figures align with NRF’s forecast that 2024 retail sales will grow between 2.5% and 3.5% compared to last year.
Additionally, the CNBC/NRF Retail Monitor, which tracks real-time spending using anonymized credit and debit card data, reported a slight dip of 0.28% in September but a 0.94% year-over-year increase.
With improving employment, lower inflation, and decreasing interest rates, the retail sector is positioned for a strong finish to the year, including a projected boost in holiday sales.
