The Census Bureau delivered some good news to retailers ahead of Black Friday this weekend. October retail sales continued their phenomenal run, raising 0.8 percent compared to September, but up 4.3 percent over the same period a year ago. The last two months of retail sales combined make up the best two-month stretch over the last two years.
“October’s strong sales and September’s upward revisions show that consumer spending improved despite the headwinds from the polarizing election and warmer than normal weather,” NRF Chief Economist Jack Kleinhenz said in a statement. “Recent solid wage gains and other fundamentals are generating uplift, positioning consumers and retailers for the healthy holiday season NRF is forecasting.”
Looking specifically at the consumer electronics segment of the report, sales fell off around 4 percent compared to the same period a year ago.