WASHINGTON — Retail sales rebounded in October, with monthly and year-over-year gains, according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions.
Core retail sales — excluding restaurants, automobile dealers and gasoline stations — were up 0.6% from September and 4.89% year over year, according to the report. That compared with a decrease of 0.49% month over month and an increase of 5.72% year over year in September. Core sales are up 5.28% for the first 10 months of the year.
“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,” said Matthew Shay, NRF’s president and CEO. “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.”
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
October sales were up in all but two categories on a monthly basis, according to the report. Specifics from key sectors include:
- Digital products were up 2.02% month over month and 22.39% year over year.
- Clothing and accessories stores were up 1.42% month over month and up 7.89% year over year.
- Sporting goods, hobby, music and book stores were up 0.09% month over month and up 7.19% year over year.
- General merchandise stores were up 0.58% month over month and up 6.99% year over year.
- Electronics and appliance stores were up 0.13% month over month and up 6.58% year over year.
- Grocery and beverage stores were up 0.59% month over month and 4.08% year over year.
- Health and personal care stores were up 0.58% month over month and 1.9% year over year.
- Furniture and home furnishings stores declined 0.08% month over month seasonally adjusted and 1.7% year over year unadjusted.
- Building and garden supply stores were down 0.81% month over month and 8.52% year over year.
