The Commerce
Department reported on Friday that sales at U.S. retailers increased by 0.4 per cent m-o-m in October,
following an upwardly revised 0.8
per cent m-o-m jump (from +0.4 per cent m-o-m) in September. This was the fourth straight monthly
rise in retail sales.
Economists had predicted
total sales would advance 0.3 per
cent m-o-m in October.
According to
the report, the October gain
in the total retail sales was underpinned by advances in 8 of all 13 retail
categories, led by electronics and appliance stores (+2.3 per cent m-o-m), motor
vehicle and parts dealers (+1.6 per cent m-o-m), and food services and drinking
places (+0.7 per cent m-o-m). Meanwhile, miscellaneous store retailers (-1.6
per cent m-o-m), and furniture and home furnishings stores (-1.3 per cent
m-o-m) demonstrated declines in retail sales in October.
Excluding auto,
retail sales also edged up 0.1 per cent m-o-m in October after an upwardly revised 1.0
per cent surge m-o-m (from +0.5 per cent m-o-m) in the previous month, missing economists’
forecast of a 0.3 per cent m-o-m rise.
In y-o-y terms,
U.S. retail sales climbed 2.8 per cent in October after an upwardly revised 2.0
per cent soar (from +1.7 per
cent) in the previous month. This represented the strongest annual increase in
three months.