OCTOBER RETAIL SALES REBOUND FROM SEPTEMBER SLUMP

Retail sales in October increased 0.2 percent seasonally adjusted over September and were up 4.2 percent unadjusted year-over-year, the National Retail Federation (NRF) said on Friday. The numbers exclude automobile dealers, gasoline stations and restaurants.

“Despite the gradual slowdown in the U.S. economy, consumers are in a good place and October’s retail sales are a step forward into the all-important holiday season,” said Jack Kleinhenz, chief economist at NRF. “Uncertainty around trade policy has impacted consumer sentiment recently but ongoing job growth, low interest rates, low inflation, and the stock market hitting record highs provide support for consumer spending.”

October’s results make up for most of the 0.3 percent month-over-month decline seen in September and build on September’s year-over-year increase of 4.1 percent. As of October, the three-month moving average was up 4.3 percent over the same period a year ago, compared with 4.7 percent in September.

Specifically, online and other non-store sales were up 14.6 percent year-over-year and up 0.9 percent month-over-month seasonally adjusted. Clothing and clothing accessory stores were down 1.7 percent year-over-year and down 1 percent month-over-month seasonally adjusted.

Kleinhenz said October’s year-over-year growth was particularly impressive because it compares with October 2018 sales that were up an unusually strong 5.8 percent over the same month in 2017.