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The CNBC/National Retail Federation (NRF) Retail Monitor cited retail sales growth for November despite sales from Thanksgiving weekend being counted in December.
Total retail sales, not including automobiles and gasoline, were up 2.35% unadjusted year over year and up 0.15% seasonally adjusted month over month in November. Sales during the holiday season are forecasted to grow 2.5% to 3.5% more than 2023, according to NRF.
“November sales increased on top of a strong October and would have been even higher if Thanksgiving Sunday and Cyber Monday hadn’t fallen in December,” says Matthew Shay, NRF president and CEO. “Year-over-year gains were solid even as retail prices in many categories are lower this year, showing that consumers are buying more merchandise as the economy continues to grow. We remain confident in our holiday forecast.”
Retail categories including online sales, grocery and beverage stores, clothing and accessories stores, general merchandise stores and health and personal stores saw increased yearly sales.
