NRF’s numbers are based on data from the US Census Bureau, which said that overall November sales including automobiles, gasoline and restaurants – were up 0.2 per cent seasonally adjusted from October and up 4.2 percent unadjusted year-over-year.
As of November, the three-month moving average was up 4.3 per cent over the same period a year ago.
The online and other non-store sales were up 12.1 per cent year-over-year and up 2.3 per cent month-over-month seasonally adjusted in November. Sales in general merchandise stores were up 4.2 per cent year-over-year and up 0.4 per cent month-over-month seasonally adjusted.
“Consumers have the capacity and confidence to spend this holiday season,” said Jack Kleinhenz, chief economist NRF, citing the influence of stronger employment, improved wages, tax cuts and increased net worth. “This is a good start to the holiday season and consistent with our outlook. Consumer spending remains solid and clearly provides evidence that the economy is healthy as we head into 2019.” (PC)