US Census Bureau: Retail Sales Remained Flat in October
U.S. retail sales remained unchanged from September to October as consumers moderated their spending ahead of the holiday season. The U.S. Census Bureau provided the October sales numbers earlier this week; the report was delayed more than a month because of the 43-day government shutdown that occurred earlier this fall.
Americans spent $732.6 billion in October, virtually unchanged from the previous month and about 3.5 percent more than a year ago. The October sales figures come at the same time as the latest jobs report, which showed the unemployment rate rose to 4.6 percent in October, the highest since 2021, according to the Associated Press. The U.S. gained 64,000 jobs in November but lost 105,000 in October.
Total Retail's Take: After months of uncertainty around tariffs and inflation, the October sales figures indicated that consumers may have been hitting pause on spending as they entered the holiday season. While the U.S. Census Bureau hasn't announced when we can expect November sales figures, we did see record-breaking numbers on Black Friday and Cyber Monday, and the National Retail Federation announced this week that an estimated 158.9 million consumers plan to shop on the last Saturday before Christmas (aka Super Saturday).
The October retail sales report suggests that shoppers are pacing themselves for the holiday season, spending with more scrutiny and cautiousness.
