U.S. retail sales recorded solid year-over-year growth in November, with early holiday-season spending aligning with the National Retail Federation (NRF)’s expectations, according to the latest CNBC/NRF Retail Monitor, powered by Affinity Solutions and released by NRF.

“Retail sales showed healthy year-over-year gains in November while month-over-month data was largely flat,” says NRF President and CEO Matthew Shay. “Shoppers looking for online deals may have held back a bit until Cyber Monday, which landed in December due to a late Thanksgiving, likely shifting some spending.”

Total retail sales, excluding auto dealers and gas stations, increased 0.12% on a seasonally adjusted month-over-month basis and rose 4.53% year over year in November. This followed gains of 0.6% month over month and 5% year over year in October.

Core retail sales, which exclude restaurants in addition to auto dealers and gas stations, declined slightly by 0.04% month over month in November but increased 4.66% year over year. In October, core sales rose 0.6% month over month and 4.89% year over year.

For the first 11 months of the year, total retail sales were up 5.06% compared with the same period in 2024, whereas core retail sales increased 5.22%.

NRF is forecasting that holiday sales from Nov. 1 through Dec. 31 will increase between 3.7% and 4.2% year over year, reaching just over $1 trillion. For the full year, NRF projects total retail sales growth of 2.7% to 3.7% compared with 2024, totaling as much as $5.48 trillion.

November sales were up in all but one category on a yearly basis but down in six out of nine on a monthly basis. Here are specifics from key sectors, seasonally adjusted from last month and unadjusted compared to last year:

• Digital products (such as electronic books and games) were down 0.37% from last month but up 14.81% compared to last year.

• Sporting goods, hobby, music, and bookstores were up 0.28% from last month and up 8.96% compared to last year.

• Clothing and accessories stores were down 0.04% from last month but up 8.16% compared to last year.

• Grocery and beverage stores were up 0.74% from last month and up 3.89% compared to last year.

• General merchandise stores were down 0.73% from last month but up 3.1% compared to last year.

• Health and personal care stores were down 0.19% from last month but up 1.31% compared to last year.

• Electronics and appliance stores were down 2.94% from last month but up 1.01% compared to last year.

• Furniture and home furnishings stores were up 0.01% from last month and up 0.53% compared to last year.

• Building and garden supply stores were down 1.74% from last month and down 9.38% compared to last year.