US retail sales continued to improve in November as a strong job market gave way to healthy holiday spending, outweighing the loss of two of the month’s busiest shopping days.
Revenue rose 0.7% from the previous month to $724.6 billion — adjusted for seasonal variation — according to data the US Census Bureau released Tuesday. That figure builds on October’s 0.5% increase to $719.7 billion, led mainly by early holiday shopping and an improved job market. The numbers were up even while two major shopping days of the holiday weekend took place in December this year.
“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,” said National Retail Federation (NRF) 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. We remain confident in our holiday forecast.”
Sales grew 3.8% from the previous year, up from October’s 2.9% year-on-year increase. Retail sales for the first 11 months of 2024 advanced 2.9% year on year.
November sales gained in five out of the nine retail categories the NRF tracks, down from seven a month ago. The clothing and accessories segment — which includes jewelry — fell 0.2% compared to October but rose 4.2% versus the same period a year ago. Online sales saw the largest year-on-year boost, climbing 21%, while the electronics and appliances and the sporting goods, hobby, music and bookstores divisions both declined.
“These numbers, combined with better-than-expected October sales, are evidence that consumer spending continues to fuel the economy,” said NRF chief economist Jack Kleinhenz. “Job and wage gains, modest inflation and a heathy balance sheet have led to solid holiday spending.”
Image: A crowded shopping mall in New York, (Shutterstock)
