US Retail Sales Rise in Lead-Up to Holidays

October 21, 2024

By: Leah Meirovich

“US retail sales continued their upward trajectory in September, as a strong job market and a drop in inflation and interest rates fueled purchasing.

Revenue rose 0.4% from the previous month to $714.4 billion — adjusted for seasonal variation — according to data the US Census Bureau released last week. That figure builds on August’s 0.1% increase to $711.3 billion as shoppers increased their purchasing in preparation for the upcoming holiday season.

“September sales come amid the recent trend of payroll gains and other positive economic signs,” said National Retail Federation (NRF) chief economist Jack Kleinhenz. “Clearly, consumers continue to carry the economy, and conditions for the retail sector remain favorable as we move into the holiday season.”

Sales climbed 1.7% from a year earlier, lower than August’s 2.2% year-on-year increase, the NRF noted. Total sales improved 3.3% year on year in the first nine months.

September sales grew year on year in five of the nine retail categories the NRF monitors, on par with the previous month. The clothing and accessories segment — which includes jewelry — increased 1.1% compared to August and rose 10% versus the same period a year ago. Online sales saw the largest year-on-year gain, going up 15%, while electronics and appliances, furniture, building and garden supply stores, and sporting goods, hobby, music and bookstores all fell.”

Source: Rapaport

www.rapaport.com