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U.S. retail sales rose 0.5 percent last month
when stripping out volatile elements like gasoline, autos,
building materials and food services, according to the Commerce
Department data released on Friday.
That was the biggest increase since August and just above
analyst expectations of a 0.4 percent gain.
Revised data also showed this gauge of sales, which hews closely
to overall consumer spending, was unchanged in September. Data
released last month had shown a decline in this core measure in
September.
Retail sales account for about one-third of consumer spending,
and overall they rose 0.3 percent, held back by a 1.5 percent
drop in receipts at gasoline retailers. Economists polled by
Reuters had expected a 0.2 percent gain.
The drop in gasoline sales reflects falling oil prices that are
generally positive for the U.S. economy because less spending on
fuel will free up money to spend on other things.
Sales at clothing retailers increased 0.5 percent in October and
receipts at sporting goods shops gained 1.2 percent.
Receipts at auto dealers and parts stores climbed 0.5 percent.
((Reporting by Jason Lange; Editing by Andrea Ricci) ((jason.lange@thomsonreuters.com;
202 310 5487; Twitter @langejason; Reuters Messaging:;
jason.lange.thomsonreuters.com@reuters.net)))
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