The CNBC/NRF Retail Monitor indicated that retail sales still grew in November even though two days of the Thanksgiving holiday fell in December.
Total retail sales, excluding automobiles and gasoline, were up 0.15% seasonally adjusted month over month and up 2.35% unadjusted year over year in November, according to the Retail Monitor. That compared with increases of 0.74% month over month and 4.13% year over year in October.
“November sales increased on top of a strong October and would have been even higher if Thanksgiving Sunday and Cyber Monday hadn’t fallen in December,” stated National Retail Federation CEO Matthew Shay. “Year-over-year gains were solid even as retail prices in many categories are lower this year, showing that consumers are buying more merchandise as the economy continues to grow,” he added. Notably, the NRF said it remains confident in its holiday forecast.
The online and other non-store sales category was strong in November, up 1.32% month over month seasonally adjusted and up 21.48% year over year unadjusted. Grocery and beverage stores were up 0.95% month over month seasonally adjusted and up 5.31% year over year unadjusted. Meanwhile, electronics and appliance stores were down 2.19% month over month seasonally adjusted and down 7.28% year over year unadjusted. The sporting goods, hobby, music and book stores category also disappointed, were down 1.2% month over month seasonally adjusted and down 7.39% year over year unadjusted.
Total sales were up 2.15% year over year for the first 11 months of 2024 and core sales were up 2.33%.