Retail sales gained momentum in October, rising 0.6% from September and 5% year over year as consumers prepared for holiday shopping. Core retail sales excluding autos, gas, and restaurants saw similar increases, reflecting steady consumer demand supported by wage growth, job stability, and stock market strength.
Key Takeaways
-
Holiday readiness boosted spending: Strong October sales indicate consumers began holiday purchases early, reversing September’s monthly decline.
-
Economic fundamentals remain supportive: Wage growth, low unemployment, and wealth gains are sustaining consumer confidence despite mixed economic signals.
-
Digital and apparel lead gains: Online and clothing categories posted the fastest growth, while home and garden sectors lagged behind.
