Retail sales fell for the first time since March with a slight dip in October, according to the latest data from Census Bureau.
- M-O-M: Advance estimates of U.S. retail and food services sales fell 0.1% in October, down from the 0.9% rise in September and the first negative number since March.
- Y-O-Y: Retail sales are up 2.5% when compared to the same time last year.
As Expected. Economists hit the nail on the head projecting a 0.1% drop in October.
Home Not So Sweet Home. Stores catering to the home did not have a good October. Furniture stores had the worst month with a 2.0% drop from September while building material & garden equipment were down 0.3% in October.
- Miscellaneous stores were down 1.7% followed by department stores (1.2%), and auto dealers (-1.1%)
- People might not be upgrading their homes but they do still care about themselves with health & personal care stores up 1.1% followed by food & beverage stores and electronic stores both up 0.6% in October.
Personal Care. Thanks to a good October, personal car stores are now the top category year-over-year with sales up 9.6% in October. Restaurants & bars weren’t far behind with sales up 8.6% followed by online retailers (+7.6%) and auto parts stores (+3.3%).
- Furniture stores are not having a good year with sales down 11.8% year-over-year, followed by gas stations (-7.5%) and building and garden stores (-5.6%)
NOTE: Last month’s sales were revised up 0.2% to 0.9% in September.