Retail Spending Was Strong in October

Total nominal retail sales and food-services spending rose 1.3 percent in October after being unchanged in September. From a year ago, retail sales are up 8.3 percent and remain well above the pre-pandemic trend (see first chart).

Nominal retail sales excluding motor vehicle and parts dealers and gasoline stations – or core retail sales – rose 0.9 percent in October following a 0.6 percent gain in September. From October 2021 to October 2022, core retail sales are up 8.0 percent. As with total retail sales, core retail sales remain well above the pre-pandemic trend (see first chart).