November Retail Trade Report Shows Growth Across Key Segments
Retail activity in the national market continued to strengthen into November, with sales climbing 5.7 percent compared with the same month last year. This gain places the growth rate 1.2 percentage points higher than the prior month, according to estimates from the National Institute of Statistics. The ongoing momentum marks a full year of positive results, with twelve consecutive months of rising annual rates across retail sales.
Within product categories, certain lines drove the overall improvement. Sales of food and related products rose by 1.7 percent on a year over year basis, reflecting steady demand in households managing daily consumption and groceries. Meanwhile, sales of other products advanced strongly, increasing by 13.3 percent in November 2022 versus November of the previous year, underscoring a broadening mix of consumer purchases beyond staple items.
Seasonal and calendar adjustments were accounted for, and the overall turnover in the retail sector climbed 5.2 percent in November. This figure shows a slight month over month deceleration of 0.1 percentage points from October, consistent with typical end of year shopping patterns and shifting consumer behavior as the year closes.
Employment in the sector also reflected positive dynamics. The latest data show a 2 percent year over year rise in October, which is five tenths higher than the pace observed a month earlier. This improvement contributed to a 31-month streak of annual employment gains in the retail trade sector, signaling a healthier labor market in this segment and supporting sustained household spending power.
Taken together, the November figures depict a retail landscape that remains resilient amid macroeconomic fluctuations. The combination of higher turnover, rising employment, and steady gains in multiple product categories points to continued consumer confidence and underlying demand in both essential and discretionary segments. Analysts and policymakers may view these trends as indicators of retail endurance, with implications for inventory planning, pricing strategies, and regional market performance as the holiday season approaches. INE attribution.