Retail sales fell slightly month-over-month in September, according to the latest CNBC/NRF Retail Monitor released by Affinity Solutions and the National Retail Federation. “After seven consecutive months of gains, consumers pulled back a bit in September, which is historically a soft month for retail sales,” said Matthew Shay, NRF president and CEO.

Total retail sales in September, excluding automobiles and gasoline, were down 0.32 percent seasonally, adjusted month-over-month, but were up 0.55 percent unadjusted year-over-year in September, according to the Retail Monitor. This was a 0.45 percent month-over-month increase compared to August and a 2.1 percent year-over-year bump compared with the same time in 2023. 

Core retail sales (excluding restaurants, in addition to automobile dealers and gasoline stations) were down 0.28 percent month-over-month in September, but were up 0.94 percent year-over-year. That compared with increases of 0.17 percent month-over-month and 1.93 percent year-over-year in August.

The month-over-month decline in total and core sales was the first since January and only the second increase since the Retail Monitor began tracking sales in October 2022. Total sales were up 1.91 percent year-over-year for the first nine months of 2024, and core sales were up 2.18 percent.

Many factors influenced the drop in September, including global tensions and slow economic recovery. 

“Due to geopolitical tensions, uncertainty regarding election outcomes, anticipation of the port strike and lingering inflation in services, shoppers showed caution,” said Shay. “However, year-over-year gains showed consumers were still spending on household priorities.”

September sales were up in five out of nine retail categories, led by online sales, clothing, and accessories stores, and health and personal care stores. 

Online and other non-store sales were up 1.59 percent month-over-month seasonally adjusted and up 15.21 percent year-over-year unadjusted, while clothing and accessories stores were up 1.06 percent month-over-month seasonally adjusted and up 10.31 percent year-over-year unadjusted.

Health and personal care stores were up 0.04 percent month-over-month seasonally adjusted and up 4.82 percent year-over-year unadjusted. General merchandise stores, however, were down 0.1 percent month-over-month seasonally adjusted but were up 2.09 percent year-over-year unadjusted.

Grocery and beverage stores and electric and appliance stores also saw their sales drop in September. Building and garden supply stores saw sales slip both monthly and year-over-year, falling 1.82 percent in September and 4.25 compared with 2023. 

Sporting goods, hobby, music and bookstores sales were down 1.29 percent month-over-month seasonally adjusted and down 9.46 percent year-over-year unadjusted.