Retail sales saw continued moderate growth in November, even though two key shopping days – Thanksgiving Sunday and Cyber Monday – fell in December this year. This is according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions, released by the National Retail Federation (NRF).
“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,” NRF President and CEO Matthew Shay said. “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.”
Total retail sales, excluding automobiles and gasoline, were up 0.15% seasonally adjusted month over month and up 2.35% unadjusted year over year in November, according to the Retail Monitor. That compared with increases of 0.74% month over month and 4.13% year over year in October.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles dealers and gasoline stations) was down 0.19% month over month in November but up 1.43% year over year. That compared with increases of 0.83% month over month and 4.59% year over year in October.
Total sales were up 2.15% year over year for the first 11 months of 2024 and core sales were up 2.33%. The numbers come as NRF is forecasting that retail sales during the November-December holiday season will grow between 2.5% and 3.5% over 2023.