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NRF: Retail Sales Strong, Sees Momentum

[ October 10, 2025   //   ]

Retail sales slowed on a monthly basis in September after a busy summer, but year-over-year increases remain strong as retailers prepare for the holiday season, said the National Retail Federation.

According to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, total retail sales, excluding automobiles and gasoline, were down 0.66 percent seasonally adjusted month over month but up 5.42 percent unadjusted year over year in September, according to the Retail Monitor. That compared with increases of 0.5 percent month over month and 6.81 percent year over year in August.

The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobile dealers and gasoline stations) was down 0.49 percent month over month in September but up 5.72 percent year over year. That compared with increases of 0.26 percent month over month and 6.67 percent year over year in August.

Total sales were up 5.12 percent year over year for the first nine months of the year, and core sales were up 5.32 percent.

“Retail sales dipped in September as consumers hit the pause button after two solid months of back-to-school spending,” said NRF President and CEO Matthew Shay. “Amid continued economic uncertainty, consumers opted to preserve spending power in preparation for the important holiday season. While month-over-month spending data has fluctuated as consumers have reacted to changing circumstances, year-over-year gains show robust growth and signal momentum as we head into the holidays.”

NRF said, unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.

September sales were up in all but one category on a yearly basis, led by digital products (up 0.52 percent), sporting goods stores (up 0.74 percent) and clothing stores (up 1.06 percent), but were down in five out of nine categories on a monthly basis.

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