Year-over-year retail sales in September were up 3% as general merchandise stores and electronics and appliance stores reported strong gains in the year’s ninth month, according to the National Retail Federation.
“Retail sales were somewhat softer than expected in September and some of the weakness can be attributed to Hurricane Florence and geopolitical trade concerns,” said Jack Kleinhenz, NRF’s chief economist. “Recent solid wage gains and other fundamentals continue to propel spending, which has been supported by tax cuts, saving and access to credit. Today’s numbers confirm an underlying strength in the industry and a solid trajectory as we go into the fourth quarter.”
Year-over-year, sales at electronics and appliance stores were up 4.6%, general merchandise store sales were up 3.5% and furniture and home furnishings stores sales were up 1.5%. In addition, online and other non-store retailer saw sales increase 8.9%.