Retail sales of sporting goods in October increased 1.2 percent seasonally adjusted month-to-month and 3.6 percent unadjusted over 2013, according to an analysis of government data by the National Retail Federation.
Overall retail sales increased 0.3 percent seasonally adjusted over September and 4.1 unadjusted year-over-year, according to advance estimates released Monday by the U.S. Department of Commerce. Sales excluding autos, gas and restaurants, grew a healthy 0.7 percent month-to-month seasonally adjusted over September, and 4.4 percent unadjusted year-over-year, according to an analysis of the data by the National Retail Foundation (NRF). The NRF estimated the three-month moving average for year-over-year growth is a steady 3.9 percent, which bolsters its earlier forecast for holiday sales to increase 4.1 percent over last year.
“Consumers regained the energy to spend again in October, removing some of the concerns surrounding the slower consumer spending results seen as of late,” said National Retail Association Chief Economist Jack Kleinhenz. “Much of the spending power stems from lower gas prices, accelerated job growth, wages and salary gains, and the recent rise in stock prices. We expect that the next two months will bring forth confident holiday shoppers who have the ability and desire to spend on gifts and more.”
“Consumers have once again proven resilient to the pressures they are still facing from a slow-moving economic recovery, receiving a helping hand from lower costs at the pump and gains in the labor market,” said NRF President and CEO Matthew Shay. “Moving forward, retailers will continue to find ways to entice holiday shoppers with great bargains while also focusing on other value-added promotions. It is clear that Americans have the spending power, they just need to see continued improvement in the economy before they return to shopping habits from pre-recession.”
Based on U.S. Commerce Department advance estimates, NRF estimated:
Clothing and clothing accessories sales increased 0.5 percent seasonally adjusted over September and 1.3 percent unadjusted from 2013.Non-store sales increased a robust 1.9 percent seasonally adjusted month-to-month, and 8.7 percent unadjusted year-over-year. Sales at electronics companies decreased 1.6 percent seasonally adjusted from the previous month, possibly as a result of fall-off from the Apple iPhone roll-out in September, but increased 2.8 percent year-over-year. Furniture and home furnishing sales increased 0.2 seasonally adjusted from September, and 2 percent unadjusted year-over-year.
