The National Retail Federation said that retail sales in November increased 0.9 percent over October on a seasonally adjusted basis and were up 6 percent year-over-year unadjusted, according to calculations.
Online and other non-store sales grew 10.5 percent year-over-year, reflecting the growth of online shopping. The numbers exclude automobiles, gasoline stations and restaurants.
“This has been an impressive start to the holiday season, perhaps the best in the last few years,” NRF Chief Economist Jack Kleinhenz said. “The combination of job and wage gains, modest inflation and a healthy balance sheet along with elevated consumer confidence has led to solid holiday spending by American households.
“Today’s report is indicative of a strong consumer who is confident about the current and future state of the economy,” Kleinhenz said. “The improved willingness to spend and the purchasing power of consumers will continue to be an economic driver of growth into 2018.”
There were broad-based monthly increases across most sectors with the exception of general merchandise stores, which remained unchanged.
November’s results indicate that retail sales for the holiday season – defined as November and December – are on track to meet or exceed NRF’s holiday sales forecast for an increase between 3.6 and 4 percent over last year.
