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Retail sales grew in October, showing monthly and year-over-year gains heading into the holiday shopping season, according to the CNBC/NRF Retail Monitor.
“Retail sales grew in October as consumers geared up for the holiday season,” says NRF president and CEO Matthew Shay. “Recent economic data has been mixed, yet consumer spending remains solid—supported by wage growth outpacing inflation, historically low unemployment and wealth effects from strong stock market valuations. These factors point to continued momentum heading into the holidays as consumers focus on family, friends and finding value to make their budgets go further.”
Total retail sales were up 0.6% seasonally adjusted month over month and up 5% unadjusted year over year in October. While overall retail sales saw increases, sales in building and garden supply stores were down last month. This sector saw sales decrease 0.81% month over month, seasonally adjusted and down 8.52% year over year, unadjusted in October.
