SIMIC

Strong consumer demand in the US was the primary driver of record imports throughout the Covid crisis.

"October retail sales data confirms that consumers continue to stretch their dollars on household priorities, including gifts for family and loved ones this holiday season," said National Retail Federation CEO Matthew Shay.

"With a strong labour market and excess savings, we are expecting a solid five-day holiday shopping weekend, and retailers are prepared to meet their customers with the right inventory, competitive prices, and great experiences. We are keeping a close eye on the railway labour negotiations and urge Congress to do everything in its power to avoid a strike this holiday season."

The US Census Bureau stated overall retail sales in October were up 1.3 per cent from September and up 8.3 per cent year over year.

NRF's calculation of retail sales excludes automobile dealers, gasoline stations, and restaurants to focus on core retail.

NRF's numbers were up 7.7 per cent unadjusted year on year on a three-month moving average as of October.

Said NRF economist Jack Kleinhenz: "October's performance is a strong foothold as we go into the holiday season. Spending has slowed but remains solid. Consumers continue to show resiliency despite elevated inflation, rising borrowing costs, and widespread macroeconomic uncertainties." Mr Kleinhenz said that with employment and wages growing and shoppers accessing accumulated savings, we expect the trend to continue. "Early holiday deals that enticed customers appear to underlie the October numbers, and more promotions will be seen in November and December, which are historically the big holiday shopping months," he said.