Retail sales rose for the 12th straight month in September even as gas prices put pressure on shoppers’ budgets, according to the CNBC/NRF Retail Monitor released today by the National Retail Federation.
“Retail sales rose again last month as consumers continued to spend following a solid back-to-school shopping season,” says NRF president and CEO Matthew Shay. “Households remain budget conscious, concentrating on everyday essentials even as higher gasoline prices continue to absorb a larger share of family budgets. Retailers continued to prioritize affordability, leaning on promotions and value pricing to keep everyday products within reach.”
Total retail sales, excluding automobile dealers and gasoline stations, were $560.8 billion in September, up 0.28% month over month and up 4.05% year over year, both seasonally adjusted, according to the Retail Monitor. That compared with increases of 0.22% month over month and 3.87% year over year in August.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was $453.1 billion in September, up 0.27% month over month and up 3.73% year over year. That compared with increases of 0.17% month over month and 3.47% year over year in August.
Retail sales in the building and garden supply sector were $44.0 billion in September, up 0.07% month over month and up 2.66% year over year.
