Retail Sales Were Stronger Than Expected In October Despite Weak Motor Vehicles -

Retail Sales Were Stronger Than Expected In October Despite Weak Motor Vehicles

Nov 15, 2023Jeremy ParkinsonFinance0

Nominal retail sales data from the commerce department, chart by MishAdvance Retail Sales

Advance estimates of U.S. retail and food services sales for October 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $705.0 billion, down 0.1 percent (±0.5 percent) from the previous month, and up 2.5 percent (±0.7 percent) above October 2022.

Motor vehicles declined 1.0 percent. Part of this is strike related and part general weakness.

Excluding motor vehicles and gasoline, sales were a barely positive 0.1 percent.

Food surged 0.6 percent and nonstore sales (think Amazon) rose 0.2 percent.

Total sales for the August 2023 through October 2023 period were up 3.1 percent (±0.4 percent) from the same period a year ago.

The August 2023 to September 2023 percent change was revised from up 0.7 percent (±0.5 percent) to up 0.9 percent (±0.2 percent).

Retail trade sales were down 0.2 percent (±0.5 percent) from September 2023, and up 1.6 percent (±0.5 percent) above last year.

Gasoline Stations were down 7.5 percent (±1.1 percent) from last year, while nonstore retailers were up 7.6 percent (±1.6 percent) from October 2022.

Real vs Nominal Advance Retail Sales Percent Change From Month AgoIt’s real spending that drives GDP. Real sales fell 0.1 percent in nominal terms but 0.2 percent in real (inflation-adjusted) terms.Real vs Nominal Advance Retail Sales Percent Change From Year Ago
Adjusted for inflation, retail spending has not exactly been on a tear.Real vs Nominal Retail Sales Since 1992
Real vs Nominal Advance Retail Sales Detail
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