Retail sales surged in October, recovering from a slower September, according to the CNBC/NRF Retail Monitor. Driven by strong job gains and higher wages, October’s rebound positions the retail sector for a robust holiday season, says NRF President and CEO Matthew Shay.
Total retail sales, excluding automobiles and gasoline, rose 0.74% seasonally adjusted from September and were up 4.13% unadjusted year-over-year. Core retail sales, which exclude restaurants, automobiles, and gasoline, saw even stronger growth, increasing 0.83% month-over-month and 4.59% year-over-year.
October’s performance marks the strongest year-over-year gain in total sales since November 2023 and reflects consumer confidence as inflation remains focused on services, with prices for some goods declining. Online sales led the growth, up 19.38% year-over-year, followed by gains in clothing, health and personal care, and general merchandise stores.
Despite challenges like the end of student loan relief and recent port strikes, retail categories broadly benefited. With October’s momentum, the industry anticipates a promising start to the holiday shopping season.
