November retail sales saw gains, according to data respectively issued today by the United States Census Bureau of the Department of Commerce and the National Retail Federation (NRF).
Commerce reported that total November retail sales, at $724.6 billion, were up 0.7%, from October to November, and increased 3.8% annually. It added that total retail sales from September through November headed up 2.9% compared to the same period a year ago.
Looking at specific retail segments, Commerce stated that retail trade sales were up 0.9% over October and increased 4.1% annually. And non-store retailers, which includes e-commerce, headed up 9.8% annually, ahead of October’s 7.0% annual increase.
NRF reported that November’s core retail sales, which are based on Census data and excludes automobile dealers, gas stations, and restaurants, rose 0.4% on a seasonally-adjusted basis, from October to November, and were up 3.8% annually on an unadjusted basis.
And it added that core retail sales through the first 10 months of 2024 are up 3.5% and in line with its 2024 retail sales forecast of growth between 2.5%-to-3.5%.
“November’s results show a strong start to the traditional holiday season,” NRF Chief Economist Jack Kleinhenz said. “These numbers combined with better-than-expected October sales are evidence that consumer spending continues to fuel the economy. Job and wage gains, modest inflation and a heathy balance sheet have led to solid holiday spending. This growth comes even though the late timing of Thanksgiving delayed the beginning of the busiest shopping portion of the holiday season and pushed Thanksgiving Sunday and Cyber Monday sales into December. The season’s pace of spending is clearly on track to reach our forecast.”
