NAICS 444 sales stall in September
According to U.S. Census Bureau figures, retail and food services sales for September 2024 (adjusted for seasonal variation and holiday and trading-day differences but not for price changes) were $714.4 billion. That's an increase of 0.4 percent from the previous month and up 1.7 percent from September 2023.
However, NAICS 444 sales, which comprise building material suppliers as well as garden equipment and supplies dealers, dipped sharply. Unadjusted September sales for NAICS 444 were $39.914 billion, down from $42.946 billion in August. Despite the dip, September 2024's figures track almost exactly with September 2023's (unadjusted) sales of $39.883 billion.
Despite disappointing NAICS 444 figures for September, easing inflation and lower interest rates may signal hope ahead. According to National Retail Federation Chief Economist Jack Kleinhenz, “While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” he said. “September sales come amid the recent trend of payroll gains and other positive economic signs. Clearly, consumers continue to carry the economy, and conditions for the retail sector remain favorable as we move into the holiday season.”
One more item of note from the Census Bureau's most recent release: Nonstore retailers were up 7.1 percent from last year.
