NRF’s calculation of retail sales—which excludes automobile dealers, gasoline stations and restaurants to focus on core retail—showed September was up 0.5 per cent seasonally adjusted from August and up 2.2 per cent unadjusted year over year. In August, sales were up 0.2 per cent month over month and up 3.6 per cent year over year, NRF said in a press release.

NRF’s numbers were up 3.1 per cent unadjusted year over year on a three-month moving average as of September and up 3.7 per cent for the first nine months of the year.

“September retail sales show that consumers have retained the ability and willingness to spend despite accumulating economic headwinds from higher interest rates and slowing growth,” NRF president and CEO Matthew Shay said. “As we gear up for the holiday season, we expect moderate growth to continue as consumers focus on value and household priorities. Retailers have been hard at work getting holiday inventories in place to provide consumers with great products, competitive prices and convenience at every opportunity.”

“The consumer is still healthy, and today’s report shows households are forging ahead with plenty of buying power despite persistent inflation, rising interest rates and geopolitical conflicts,” NRF chief economist Jack Kleinhenz said. “Firm payroll growth over the past few months has likely helped spending across retail sectors. However, much of the rise was due to car sales, gasoline prices and food services. When you exclude those categories and look at core retail as measured by NRF, the pace of year-over-year growth is slowing.”

The US Census Bureau said overall retail sales in September were up 0.7 per cent from August and up 3.8 per cent year over year. That compared with increases of 0.8 per cent month over month and 2.9 per cent year over year in August.

Fibre2Fashion News Desk (KD)