“Despite the gradual slowdown in the US economy, consumers are in a good place and October’s retail sales are a step forward into the all-important holiday season. Uncertainty around trade policy has impacted consumer sentiment recently but ongoing job growth, low interest rates, low inflation and the stock market hitting record highs provide support for consumer spending”, commented Jack Kleinhenz, Chief Economist at the National Retail Federation.

Retail sales in October increased by 0.2% seasonally adjusted over September and were up by 4.2% unadjusted year-over-year. The numbers exclude automobile dealers, gasoline stations and restaurants.

October’s results make up for most of the 0.3% month-over-month decline seen in September and build on September’s year-over-year increase of 4.1%. As of October, the three-month moving average was up by 4.3% over the same period a year ago, compared with 4.7% in September.

Kleinhenz said October’s year-over-year growth was particularly impressive because it compares with October 2018 sales, which were up an unusually and strong 5.8% over the same month in 2017.

NRF’s numbers are based on data from the US Census Bureau, which confirmed overall October sales – including auto dealers, gas stations and restaurants – were up by 0.3% seasonally adjusted from September and up by 3.1% unadjusted year-over-year.

Specifics from key retail sectors during October include an increase of 14.6% year-over-year for Online and other non-store sales (up by 0.9% month-over-month seasonally adjusted); Sporting goods stores up by 0.4% year-over-year (down by 0.8%month-over-month seasonally adjusted) and Clothing and clothing accessory stores were down by 1.7% year-over-year (down by 1% month-over-month seasonally adjusted.