“While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value.”
WASHINGTON – Data released today by the U.S. Census Bureau shows retail sales increased again in September as employment grew and inflation and interest rates fell, National Retail Federation Chief Economist Jack Kleinhenz said.
“While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” Kleinhenz said. “September sales come amid the recent trend of payroll gains and other positive economic signs. Clearly, consumers continue to carry the economy, and conditions for the retail sector remain favorable as we move into the holiday season.”
The Census Bureau said overall retail sales in September were up 0.4% seasonally adjusted month over month and up 1.7% unadjusted year over year. That compared with increases of 0.1% month over month and 2.2% year over year in August.
September’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were up 0.7% seasonally adjusted month over month and up 2.4% unadjusted year over year. Core retail sales were up 3.3% year over year for the first nine months of the year, in line with NRF’s forecast for 2024 retail sales to grow between 2.5% and 3.5% over 2023. NRF is forecasting that 2024 holiday sales will also increase between 2.5% and 3.5% over the same time last year.
Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were down a slight 0.28% seasonally adjusted month over month in September but up 0.94% year over year. That compared with increases of 0.17% month over month and 1.93% year over year in August. 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 that gives more accurate results in real time that do not need to be revised monthly or annually.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com