Retail sales see gains in October, reports Commerce and NRF

October 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 October retail sales, at $718.9 billion, were up 0.4%, from September to October, and increased 2.8% annually. It added that total retail sales from August through October headed up 2.3% compared to the same period a year ago.

Looking at specific retail segments, Commerce stated that retail trade sales were up 0.4% over September and increased 2.8% annually. And non-store retailers, which includes e-commerce, headed up 7.0% annually, in line with September’s 7.1% annual gain, with food services and drinking places up 4.3%, ahead of September’s 3.7% annual gain.

NRF reported that October’s core retail sales, which are based on Census data and excludes automobile dealers, gas stations, and restaurants, were flat sequentially on a seasonally-adjusted month-over-month basis and up 5.4% annually on 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%.

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