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NRF says retail sales grew in October

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WASHINGTON — Retail sales grew for the sixth month in a row in October, according to figures from the National Retail Federation (NRF). October sales increased compared to September, and also compared to October of last year.

The increases were less than some economists had predicted, prompting worries that sales were losing momentum heading into the holidays. But NRF’s leaders were upbeat.

“Overall, retail sales were up 10.6% in October 2020 versus October 2019, and for the first 10 months of this year, retail sales were up 6.4% versus the first 10 months of 2019,” NRF president and chief executive officer Matthew Shay said. “Consumers have proven their resilience and willingness to spend as we head into the heart of the holiday season, and retailers continue to demonstrate their commitment and ability to ensure safe shopping environments for their customers and their associates, with deep discounts, robust inventory and great experiences whether in-store or online.”

NRF chief economist Jack Kleinhenz noted that the strong results for October came despite the pandemic’s continued impact.

“The steady expansion of retail sales is good news against the background of these unusual economic circumstances and climbing virus cases in recent weeks,” Kleinhenz said. “Early holiday shopping appears to have supported October’s increase in sales. The rise in COVID-19 cases continues to be a factor that weighs on consumer perceptions, sentiment and spending, and there could be retrenchment if we cannot thwart this latest wave. Nonetheless, retailers are well prepared to safely fulfill holiday shopping lists, and the October results suggest so far, so good.”

The U.S. Census Bureau reported that overall retail sales in October were up 0.3% seasonally adjusted from September and up 5.7% year over year. That built on increases of 1.6% month over month and 5.9% year over year in September. NRF’s calculation of retail sales — which excludes automobile dealers, gasoline stations and restaurants to focus on core retail — showed October was up 0.2% seasonally adjusted from September and up 10.6% unadjusted year over year.


ECRM_06-01-22


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