October bookstore sales fell 0.9%, to $1.035 billion, compared to October 2008, according to preliminary estimates from the Census Bureau. In September, bookstore sales had risen 7%. For the year to date, bookstore sales have fallen 0.7%, to $13.56 billion.
By comparison, total retail sales in October fell 2.2%, to $344.797 billion, compared to the same period a year ago. For the year to date, total retail sales were down 8.2%, to $3,383.046 billion. Bookstores continue to do better than most retailers.
Note: under Census Bureau definitions, bookstore sales are of new books and do not include "electronic home shopping, mail-order, or direct sale" or used book sales.
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In November, general retail sales rose 1.3% compared to October, the Commerce Department reported.
The Wall Street Journal attributed part of the gain to retailers having timed sales to run at various points throughout the month rather than just on Black Friday. In addition, consumers may be loosening up about spending. "People have made the adjustment of cutting back on consumption and increasing their saving," economist Michael Carey of Calyon Securities told the Journal. "Maybe now they're saying, 'O.K., I can be a little less cautious.' "
In another positive note, the University of Michigan/Reuters consumer-sentiment index for December moved to 73.4 from 67.4 in November, its first rise in three months.
"The momentum here is positive," James F. O'Sullivan, chief economist for MF Global, told the New York Times. "We're seeing that better spending leads to a better job market which leads to better spending, in stark contrast to the downward spiral we were seeing a year ago."