Consumer spending surged in September, especially in clothing and electronic stores, according to the National Retail Federation.
Excluding cars, fuel and restaurants, consumer retail spending in September increased .4 percent, seasonally adjusted from August and 2.1 percent unadjusted year-over-year.
“With recent data painting a more optimistic view of consumer confidence, we can finally see some light at the end of the tunnel,” said Jack Kleinhenz, NRF chief economist, in a press release. “While the latest retail sales data indicates continued improvement for the economy, increasing gas prices and the looming fiscal cliff still pose serious challenges to the momentum we”™ve seen in consumer spending.”
The breakdown of consumer spending compared to August and August 2011 are listed below. Month-to-month sales are seasonally adjusted and year-over-year sales are unadjusted.
- Clothing store sales increase 0.6 percent month-to-month and 3.6 percent year-over-year;
- Electronics sales increased 4.5 percent month-to-month and 2.5 percent year-over-year;
- Home furnishing sales increased 0.4 percent month-to-month and 5.1 percent year-over-year;
- General merchandise sales increased 0.3 percent month-to-month and decreased 1.2 percent year-over-year;
- Personal care sales increased 0.4 percent month-to-month and decreased 2.0 year-over-year;
- Sporting goods, hobby, book and music sales increased 0.8 percent month-to-month and 3.9 percent year-over-year.
