|
The Commerce Department said on Wednesday retail sales increased
0.2 percent last month. Data for September was revised to show
sales jumping 1.9 percent rather than the previously reported
1.6 percent advance.
Retail sales increased 4.6 percent on an annual basis.
Economists polled by Reuters had forecast that retail sales
would be unchanged in October. The slowdown from September's
robust pace largely reflected an unwinding of the boost to
building materials and gasoline prices after recent hurricanes.
Receipts at auto dealerships increased 0.7 percent after soaring
4.6 percent in September. Sales at gardening and building
material stores fell 1.2 percent last month after surging 3.0
percent in September.
Receipts at service stations decreased 1.2 percent in October.
That followed a 6.4 percent gain in September. Excluding
automobiles, gasoline, building materials and food services,
retail sales increased 0.3 percent last month after climbing 0.5
percent in September.
These so-called core retail sales correspond most closely with
the consumer spending component of gross domestic product. Last
month's increase in core retail sales indicated a healthy pace
of consumer spending at the start of the fourth quarter.
Consumer spending, which accounts for more than two-thirds of
U.S. economic activity, increased at a 2.4 percent annualized
rate in the third quarter.
Last month, sales at electronics and appliance stores rose 0.7
percent. Receipts at clothing stores climbed 0.8 percent in
October, the biggest advance since March.
Sales at online retailers fell 0.3 percent. Receipts at
restaurants and bars gained 0.8 percent after edging up 0.1
percent in September. Sales at sporting goods and hobby stores
soared 1.5 percent.
((Reporting by Lucia Mutikani; Editing by Paul Simao))
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
