After declining in September, retail sales bounced back in October, according to the National Retail Federation (NRF). Seven of nine retail categories posted monthly gains, and year-over-year growth was solid, with all but two categories showing increases – led by digital products, clothing stores and sporting goods stores.
What’s the bottom line? With the government’s official retail sales report delayed by the recent shutdown, alternate data sources like the NRF’s report have filled an important gap. The Fed will likely continue to review these private-sector insights as it assesses consumer spending – a key signal of economic strength – heading into its December policy meeting.