October Sees Decline in Consumer Spending, CNBC/NRF Retail Monitor Reports
Consumer spending in October saw a decline, with retail sales (excluding autos and gas) falling by 0.08% and core retail (excluding restaurants) declining by 0.03%, according to the CNBC/NRF Retail Monitor. The data, based on actual consumer purchases from over 9 billion credit and debit card transactions, shows weakness in gas station sales, electronics, appliances, and furniture stores, but strength in sporting goods, hobby stores, nonstore retail (internet sales), and health and personal care. The Retail Monitor aims to provide dynamic insights into retail sales and will offer demographic breakdowns of spending in the future.