The U.S. Census Bureau reported on October 17 that overall retail sales in September were up 0.7% from August and up 3.8% year-over-year. That compared with increases of 0.8% month-over-month and 2.9% year-over-year in August.
Retail sales continued to grow in September even as consumers faced continuing economic pressures, the National Retail Federation said.
“September retail sales show that consumers have retained the ability and willingness to spend despite accumulating economic headwinds from higher interest rates and slowing growth,” NRF President and CEO Matthew Shay said, in a press release. “As we gear up for the holiday season, we expect moderate growth to continue as consumers focus on value and household priorities.”
