U.S. Retail Sales Rise More Than Expected in November
Summary
- November total retail sales +0.6% (+3.3% y/y); fifth m/m gain in six months.
- Ex-auto sales +0.5% (+4.3% y/y); auto sales +1.0% (-0.7% y/y).
- Gains m/m: sporting goods (+1.9%), misc. stores (+1.7%), gasoline stations (+1.4%), and bldg. materials (+1.3%).
- Declines m/m: department stores (-2.9%) and furniture stores (-0.1%).
Total retail sales rose 0.6% m/m in November—exceeding expectations—after a downwardly revised 0.1% easing in October (0.0% initially) and a 0.1% uptick in September (unrevised), data from the U.S. Census Bureau showed. The October reading was the fifth m/m gain in six months. A 0.4% m/m November increase had been expected in the Action Economics Forecast Survey. The year-on-year growth rate was at 3.3% in November and October, the lowest since October 2024; this compared with 3.9% in November 2024 and remained far below a high of 17.1% in February 2022 and a peak of 51.8% in April 2021.
Excluding motor vehicles & parts, retail sales rose 0.5% (4.3% y/y) in November, the sixth straight m/m rise, after a 0.2% increase in October (+0.4% initially). A 0.3% m/m November increase had been expected. Sales of motor vehicles & parts grew 1.0% (-0.7% y/y) following a 1.6% October decline; this compared to a 2.5% rise (-4.3% y/y) in unit light vehicle sales following a 6.7% October drop.
Sales in the retail control group, which excludes autos, building materials, gasoline stations, and food services, rose 0.4% (5.1% y/y) in November, the sixth m/m rise in seven months, after a 0.6% rebound in October. These sales are used in the construction of personal consumption expenditures in NIPA accounts. Nonauto sales excluding gasoline & building materials rose 0.4% (5.0% y/y), also up for the sixth time in seven months, following a 0.5% October increase.
Sales by category mostly increased m/m in November. To the upside, sporting goods, hobby, book & music store sales climbed 1.9% (7.8% y/y) in November, the fourth m/m increase in five months, after gaining at the same rate in October. Miscellaneous store sales rose 1.7% (16.3% y/y), the third consecutive m/m rise, after a 1.5% October increase. Gasoline station sales recovered 1.4% (3.2% y/y), the fifth m/m gain in six months, following a 1.2% October drop. Building materials & garden equipment store sales rose 1.3% (-2.8% y/y), the first m/m rise since August, reversing a 1.3% October decrease. Clothing & accessory store sales grew 0.9% (7.5% y/y), the eighth m/m increase in nine months, after a 1.2% October gain. Nonstore retail sales rose 0.4% (7.2% y/y), the ninth m/m rise in 10 months, on top of a 1.0% October increase.
Meanwhile, electronics & appliance store sales held steady (2.7% y/y) in November after a 0.1% uptick in October and two consecutive m/m declines. General merchandise store sales were virtually unchanged (+2.1% y/y) in November after a 0.5% increase in October; within this grouping, department store sales fell 2.9% (+0.3% y/y) following a 4.9% October rebound (the largest m/m gain since February 2022). Furniture & home furnishing store sales slipped 0.1% (-1.4% y/y), the third m/m decline in four months, after a 1.8% October rise.
In the nondiscretionary sales categories, health & personal care store sales recovered 0.3% (6.7% y/y) in November, up for the second month in three, following a 0.2% decline in October. Food & beverage store sales edged up 0.1% (2.4% y/y), the fifth m/m increase in six months, after a 0.2% October rebound.
Consumers appeared to dine out in November despite still-high inflation. Restaurant & drinking place sales rose 0.6% (4.9% y/y) in November, the fifth m/m rise in six months, following an upwardly revised 0.1% easing in October (-0.4% initially).
Retail Sales data can be found in Haver's USECON database. The expectations figures are from the Action Economics Forecast Survey in AS1REPNA.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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