"A successful Thanksgiving weekend for retailers and diminishing impacts in the Northeast due to Hurricane Sandy put retail sales back on track in November after tepid results in October," NRF President and CEO Matthew Shay said. "Though negotiations in Washington over the fiscal cliff could effect consumer confidence and spending in December, overall we are optimistic they we'll see solid sales growth this holiday season."
November retail sales, released today by the U.S. Department of Commerce, showed total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.3 percent seasonally adjusted month-to-month and 3.7 percent unadjusted year-over-year.
"Stable employment rates, lower gasoline prices and a recovering housing market have all contributed to a holiday shopping season that is on target to meet our original expectations," NRF Chief Economist Jack Kleinhenz said. "American consumers are expected to spend cautiously as they monitor the situation in Washington and wrap up their holiday shopping lists."
Superstorm Sandy definitely impacted retail sales in November. Many retailers reported losses after forced store closures due to the storm, while others, like home and building supply stores, witnessed spikes in sales due to recovery and rebuilding efforts. In fact, those retailers' sales increased 1.6 percent seasonally-adjusted month-to-month.
Other findings from the November retail sales report include:
"¢ Clothing and clothing accessories stores' sales increased 0.9 percent seasonally-adjusted month-to-month and increased 8.8 percent unadjusted year-over-year.
"¢Electronics and appliance stores' sales increased 2.5 percent seasonally-adjusted month-to-month and increased 0.2 percent unadjusted year-over-year.
"¢Furniture and home furnishing stores' sales increased 1.0 percent seasonally-adjusted month-to-month and increased 6.5 percent unadjusted year-over-year.
"¢Sporting goods, hobby, book and music stores' sales increased 0.5 percent seasonally-adjusted month-to-month and increased 7.9 percent unadjusted year-over-year.
NRF defines "holiday sales" as retail industry sales in the months of November and December. Retail industry sales include most traditional retail categories, including non-store, auto parts and accessories stores, discounters, department stores, grocery stores, and specialty stores, and exclude sales at automotive dealers, gas stations, and restaurants.
