Retail sales continue to gain momentum in time for the holiday shopping season. According to the National Retail Federation (NRF), October retail sales in the GAFS category, which includes book and music stores, increased 6.2% from the same period last year and has risen 1.1% from month to month.

October retail sales last week by the U.S. Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) rose 0.2 percent seasonally adjusted for the month. Retail sales rose 5.6% unadjusted year over year.

"Stronger-than-expected job growth and a sharp drop in oil prices are setting the stage for solid holiday growth," said NRF Chief Economist Rosalind Wells. "Consumers are demonstrating their resiliency and continuing to reinforce our holiday forecast."

Since Sept. 22, NRF has forecast a 4.5% increase in holiday sales (defined as GAFS sales in the months of November and December). Consumers are expected to spend $220 billion this holiday season.

• Prev
• Next