US retail sales see year-over-year gain in September 2022: NRF

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed September was up 0.3 per cent from August and up 7.2 per cent unadjusted YoY. In August, sales were also up 0.3 per cent MoM and were up 8.5 per cent YoY. Online and other non-store sales were up 0.5 per cent MoM seasonally adjusted and up 11.5 per cent unadjusted YoY in September.

The US Census Bureau said overall retail sales in September were unchanged from August but up 8.2 per cent YoY. That compared with increases of 0.4 per cent MoM and 9.4 per cent YoY in August. On a three-month moving average, sales were up 9.2 per cent YoY.

NRF’s numbers were up 7.6 per cent unadjusted YoY on a three-month moving average as of September. Sales were up 7.2 per cent YoY for the first nine months of the year, keeping results on track with NRF’s forecast that 2022 retail sales will grow between 6 per cent and 8 per cent over 2021.

“September retail sales confirm that even with rising interest rates, persistent inflation, political uncertainty and volatile global markets, consumers are spending for household priorities,” NRF president and CEO Matthew Shay said. “As we enter the holiday season, shoppers are increasingly seeking deals and discounts to make their dollars stretch, and retailers are already meeting this demand. However, the Biden administration must enact policy measures to relieve inflationary pressure and lower costs for American families. While the Federal Reserve tackles long-term actions meant to end inflation, we believe removing China tariffs, enacting smart immigration reform to address the worker shortage, and increasing investments in supply chain resiliency can and will have an immediate impact on consumers and the economy.”

“Consumer demand remained intact during September and continues to be a key contributor to economic activity,” NRF chief economist Jack Kleinhenz said. “But sales were uneven across retail categories and inflation is the main factor that is determining how much shoppers are willing to spend. Households are tapping into savings, accessing credit and reducing their savings contributions as they meet higher prices head on. Shoppers are looking for bargains and value in the current economic environment and even more so as we head into the holiday season.”

Fibre2Fashion News Desk (KD)