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Retail sales slowed in September but increased on a year-over-year basis as retailers prepare for the holiday season, according to the CNBC/NRF Retail Monitor.
“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” says Matthew Shay, NRF president and CEO. “Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays.”
Total retail sales, excluding automobiles and gasoline, were down 0.66% seasonally adjusted month over month in September but up 5.42% unadjusted year over year. For the first nine months of the year, total sales were up 5.12% year over year and core retail sales, excluding restaurants in addition to automobile dealers and gasoline stations, were up 5.32%.
Building and garden supply stores were up 0.53% month over month, seasonally adjusted, but down 1.2% year over year, unadjusted.
