U.S. retail sales rebounded in October, but consumers cut back on purchases of b...
WASHINGTON - U.S. retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.
“Consumers are easing off their spendthrift ways from the second quarter and are adopting more prudent attitudes, perhaps still nervous over trade tensions and the slowing of hiring -though that still remains robust,” said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia.Retail sales increased 0.3% last month, lifted by motor vehicle purchases and higher gasoline prices, reversing September’s unrevised 0.3% drop, which was the first decline in seven months.
The rebound in core retail sales added to reports showing stabilizing inflation in supporting the Federal Reserve’s signal that it will probably not cut interest rates again in the near term. Other reports this month have shown solid job growth in October and an acceleration in services sector activity.
Auto sales increased 0.5% in October after declining 1.3% in September. Receipts at service stations surged 1.1%, reflecting higher gasoline prices, after dipping 0.1% in the prior month. Online and mail-order retail sales increased 0.9% after gaining 0.2% in September. Sales at electronics and appliance stores fell 0.4% last month and receipts at clothing stores declined 1.0%. Spending at furniture stores fell 0.9%, the largest decline since December 2018. Receipts at building material stores dropped 0.5%.
France Dernières Nouvelles, France Actualités
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