The National Retail Federation (Washington, D.C.) has released sales numbers for November, noting that the month’s sales put the holiday season on track to meet its forecast.
November retail sales rose 0.7 percent, adjusted seasonally from October, and increased 5 percent (unadjusted) year over year. The data does not include auto sales, gasoline station sales or restaurants.
NRF Chief Economist Jack Kleinhenz cited stronger employment, improved wages, tax cuts and increased net worth for the positive numbers, and said, “Consumers have the capacity and confidence to spend this holiday season … This is a good start to the holiday season and [is] consistent with our outlook.”
The retail trade organization predicts holiday sales during November and December will increase between 4.3 and 4.8 percent compared to 2017, totaling $717.45 to $720.89 billion.