NAICS 444 sales slumped in November
According to U.S. Census Bureau figures, retail and food services sales for November 2024 (adjusted for seasonal variation and holiday and trading-day differences but not for price changes) were $724.6 billion. That's an increase of 0.7 percent from the previous month and up a robust 3.8 percent from November 2023.
However, November's NAICS 444 sales, which comprise building material suppliers as well as garden equipment and supplies dealers, dipped sharply from October. Unadjusted November 2024 sales for NAICS 444 were $40.709 billion, down from $45.075 billion in October. Despite the month-over-month dip, November 2024's figures are up compared to November 2023's (unadjusted) sales of $39.719 billion.
Speaking on the latest NAICS figures, National Retail Federation Chief Economist Jack Kleinhenz said:
“November’s results show a strong start to the traditional holiday season. These numbers combined with better-than-expected October sales are evidence that consumer spending continues to fuel the economy. Job and wage gains, modest inflation and a heathy balance sheet have led to solid holiday spending. This growth comes even though the late timing of Thanksgiving delayed the beginning of the busiest shopping portion of the holiday season and pushed Thanksgiving Sunday and Cyber Monday sales into December. The season’s pace of spending is clearly on track to reach our forecast.”
Overall, spending seems to be picking up. As the NRF writes: "November’s results align with NRF’s forecast that holiday sales will grow 2.5 to 3.5 percent over 2023."
