US Homes Have 'Wherewithal to Spend' Going Into Holiday Season, Says NRF
U.S. homes “clearly have the wherewithal​ to spend going into the holiday season,” said National Retail Federation Chief Economist Jack Kleinhenz in a Wednesday report, citing broad strength across most retail sectors in October. “The uplift in October payroll and…
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income has generated a healthy pace of retail spending and household debt burdens are historically low." Retail store sales for the month were up 4.3 percent year over year, excluding automobiles, gas stations and restaurants, NRF said. October electronics and appliance store revenue advanced 2.1 percent vs. October 2016, compared with health care and personal care stores revenue, which grew 4.8 percent year on year, and general merchandise stores, unchanged year on year. Online and other non-store sales jumped 9.6 percent year-over-year, it said.