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Oct. 18, 2022

U.S. Year-Over-Year Retail Sales Growth Continues

U.S. retail sales remained strong on a monthly basis and saw another year-over-year gain in September despite an interest rate hike from the Federal Reserve and continuing inflation, says the National Retail Federation (NRF). “September retail sales confirm that even with rising interest rates, persistent inflation, political uncertainty, and volatile global markets, consumers are spending for household priorities,” says Matthew Shay NRF president and CEO. Overall retail sales in September were unchanged from August but up 8.2 per cent year over year. That compared with increases of 0.4 per cent month over month and 9.4 per cent year over year in August. September sales were up in all but one retail category on a yearly basis, led by online sales, building materials stores, and grocery stores. Building materials and garden supply stores were down 0.4 per cent month over month seasonally adjusted but up 9.2 per cent unadjusted year over year.

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